Full text of "Financial Times , 1982, UK, English"

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AMcE ftiXO; GEIUMANY DM2.0; ITALY 11,000; NETHERLANDS 112.2$; NORWAY Kr6.00; P0RTU6AL ESceI 5P/ 


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SEMEML 


BUSINESS 


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■ \=-y - lonser^lated issues 

. surged fomrsrd. although ibe 

• end of the market was 

' ~ generation held hack by sales of ihe new 

. ^ octetrent t,p_ The Government Secnrifies 

^ '' lOissilt^ bigger and more index rose 0.66 to 65.34— the! 

^ N^ostl7 than the earlier C4, is highest since July 3. Page 32 ' 

wlh ■ subnurines— to 

It . displace . the Polaris system in r~ 

■ V::the l9«fe: Back Page ^^TcTlSnucSSSPi^rt I 


Gilts add 
OM; 
equities 
easier 









Air Tiny Rowland 


BY AUiN FRIEDMAN AND MICHAEL DONNE 

STR FREDDIE L.\KER and Mr witii five .McDonnel Douglas 
Rolnnd “Tiny ” Rowland, chief DC-lOs and a cash injcctinn 
executive of Loarlio, last night Invni us." The new airline 
announced plans to start a new would be cmnpaet: “I think 
airline by April 1. subject to It i.s best to an efficient 
the approval of route licences airline an clkeop the numbers 
by ibe Civil Aviation Authorily. down." He dismissed reports 
The plans, however, seem Athmiie Richfield, the U.S. 
unlikely lo preveni the Laker ««* S™“P* be involved in 

receivers from dismissing more package, 
than 1.500 Laker slag today at Sir Freddie said from Afr 
Gaiwick and ctsewhere. Riiwalnd's Lundnn office, the 

The proposed new airline, to airline would seek a Stock 
be initially 50 per cent owned Exchange quotation “ as quit^y 
by Sir Fredide and 50 per rent Lorho-Laker 

by. Lonrho. would fly the Norlh ««ipany would hope tu offer 
Atlantic as a scheduled opera- D*Pt?s equily— .ordinarj' 

tor shares for larger investors .ind 

Mr Rrwiand said last night: non.voling shares for smaUcr 
“It will bo a slimmed rhrwn investors. 

Laker airline operalinu initially Lonrho is said (o be plannins 


to-put £15m to £20m inbo new 
airline. Mr. Rowland and 
Sir Freddie are aj^Koachiog the 
Esport-Impm Bank lomi syndi- 
cate which provided $338m 
(£123m) for -the purchase in 
19fi0 by Laker of five DC-10/30s. 
to express their interest in 
taking over the five airerafl. 

The main Idea under con. 
sidcralinn ivould be lo lease the 
five aircraft thiougM Uic 
Eximhank's receiver, Mr Guy 
Parsons of Peat Marwidr 
Mitchell, with an option to pur- 
chase the aircraft or lake over 
the iiulstanding 6200m debt. 

The Ldnrho-Laker team 
might also propose to Mr 
Parsons that it lake over the 
outsianding debt with a iwo- 


year moratorium on the repay 
ment of principid. 

Both Mr Rowland and Sir 
Freddie made it clear last mi9it 
that the “ major stumblinff 
block" fadpg the formation of 
the new airline was British 
Goverpment approval through 
the authority of route licences 
for Ihe North Atlantic,- 
Sir Freddie yesterday spent 
more than two hours' with Mr 
Ray Buckton, head of the 
authorjly's economic ‘ section, 
discussing the possibility of 
getting the Laker transatlantic 
route licences transferred to a 
new airline. 

ConUnned on Back Page 
BA canllons on Laker ronte 
bids. Page 6 






Sir Freddie Laker 


- 'htk, 


<!.TheV&.is toincrease by lOO 
. ■ . ihe -nuclear warheads it can 

■' ' deploy ai^nst the Soviet Union 
<1^.: “by- deploying extra Minute^ian 
• '111. missiles. Page 4 


F.T. GOVERNMEI 
SECURITIES J 
®® IRDEX-± I I 


Humb victory 


EEC in new attack ^ 

moves 

on U.S. budget plans *« 


Tory Euro-MPs toppled their 
- v'i/E -. .lead^ Sir JamOk S^tt-Hopkins 
■-.-.N- ' . and etectsA Sir Reory PlumU 
former -president of the 
-. I? -'..- National Farmers Union. Page 

: ^ to Siberia 

Lydia Vashchenko. a'Penlecos- 
ia.tist who staged a.nionth’s hun- 


BY OUR FOfiffiGN AND ECONOMICS STAFF 


BRIT.-MN AND We.si Germany Geoffrey Howe. Hie Chancellor malehalisp. 
ycslci^ay led a frcsli EEC on- of ihe Excheniier, railed, for Mr -Volcker. speaking to the 
siaught on. President Reagan’s another convened EEC .effort Senate ^ Banking Committee,* 
hudgel plans. Alarm is mount- In impress upon the Americans urged Congre.ss to act quickly 
Ingoii both sideii of Ihe Allanlic Europe's- mounting ennrern and boldly >1 obriug ilhe deficits 
r -I j - .. /..I thai planned high U.S. budget over the U.S. deficits. down. 

*®l.rd to ocnem I 3^0 _ keeping world A separate appeal In Washing- He called fur a $2nbn cut in 


ger' strike at the U.S. embassy Gills’ strength. The FT j jnierest rates high and imped- ton was made in Brussels by M il>e projected $83ba deficit 




in Moscow, hospital and 30-sbarc index eased 1.7 to 572. jjjfi economic recovery. 

.raid .she plans to return to Page 32 The EEC attacks came as Mr 

Jiipena. ^ W.ALL STREET was oB 3.33 Pa“i Volcker, the chairman of 

at 833.33 near the dose. Page 30 the U.S.F^eral Resent Board. 
-yir3.IOS«L nilSOXinfir renewed his appeal to Congress 


Walesa meeting: 

Roman Catholic Church repre- 


Bdez eased. 1.7 to 57... jjjg economic recovery. Willy do Cierq, the Belgian- the 1984 budget as a solid 

The EEC attacks came as Mr Finance Minister, who holds the sign to the financial markets 

STREET wao 6B 3.33 Paul Volcker, the chairman of six-month rotating presidency that Congress was serious 

tear the do^ Page 30 the U.S. Federal Resen'e Board, of the EEC’s finance council. about reducing .spending. Even 


He said high U.S. interest keeping the deficit fo $83bn 


STERLING rose 20 points j to reduce th siz of proj«*cfed rates wore increasing the would be encouraging, Mr 


SSixZn S1.8495. and lo DM 4.38 deficits. temptation for Europe to adopt Volcker said, because deficits 

SSd PoliS aSidiritv W (DM 4.375) and FFr 11.105 In his sirongest warning yrt protectionist policies. invariably exceed projections. 

T^h (FFr 11.095). It ca.sed to on Ihe Adminislraiion’s fiscal Yesterday’s deepening of the Decisive action on -the budget 

ih« riPvT w SwFr 3.51 (SwFr 3.5175) and policies, he said Mio deficits Irans-AtJantic rift over interest could even bring down U.S. 

uie next lew, oavB. (Y436J). Its trade- represented a major hazard for rates coincided with a gloomy interest rates by 2 or 3 per- 

‘ weighted Index 'remained 9L6. financial' markets and could projection from Salomon cenlage points in the next 90 

Opnlli iriSU- QaLiG- Page 26 suffocate U.S. economic ro- Brothers, the Wall Street days, he said, 

iic ‘uial of 32 officers and a securities firm, that Pi^ident In a speech In Bremen, Herr 

ci^Ian. for alleaed mvolve- * DOLLAR w-as unchanged at Herr Karl Otlo Pnehl, presi- Reagans forecast of a $91.5hn po^hl said of U.S poliey- 

mSt ?*n 2.366. - . Inrt eased to d^nt of the West German (£49.5bnl budget deficit in makers; "I cannot ijlievethlt 

tive «2n Bundesbank, In his most out- fiscal 1983 will be “ significanUy • they do not underftand ha 

li m^ a w^ktoto SwFr 1.897S (SwFr 1.9025) and spoken attack on U.S. economic exceeded." they have respSlIl& n« 

• ‘ lA** policy, said (hat Mr Reagan's The company's economists, only for their own economy, but 

weighty index was 113 (112.1). budget had reduced the scope led by, Dr Henry Kaufman, .said also for the wwld economy." 

WWp,l,afie.^a»n^ Page 2fi for urgemry needed i.*uts in, this ,wa« because the assumed Continued on Back Pago 




•Spain trial date 

T%c .'trial of .32-officeis and a 


^ One died fell 31 i» 3S39.I In. 

: in -New Ywrk th'd 

• If***?^*^ ' a «t or Comcx Ffibruary ,dosc was 

fighteix • FRENCH 6on«tltutlbnal 

Council ' rejected a second 
Nazi for rotrial Opposltlbn -appeal agik'nst the 

— . ' , . . .. NaUoiralisatioh Bill Back Page 

A former Nax! and his secre- 


erman imeresi rafes, rapid acceleration ln..econom»r Hove .argns Joint F^C eflort. 

In ttie ,hmtsoofCooftton>. I^Ir' rctti’jly 'wai' 'unlilwly ,to PageS ' 

Directors’ InstitDte in Bank row 


BY CHRISTINE HOIR 


-••■tary, freed after a WestGerraan • EUROPEAN Investment A CONSORTIUM of City and It vriU provide a “head-hunt. The dispute is not iust over 

court dismissed. charg<»^of com-- Eank loans totaUed 3.85bn Ecu industry institutions, led by the ing” sendee for companies look- demarcation lines. It has its 

. plicltydnm^^ni^ 9.000 Je^ of England, launched a ing for non-execirtives. promote roots in the Increasingly fragile 

will be retried .on the same iOSbn Ecu in 1980. Page 3 powerful drive ywterday to ihe concept of outsiders on com- relationship between the Direct 

charges. MACRFvPFitfiiiqnv unti promote iion-execulive directors pany boards, and .help train tors and the Confederation of 

- I 5ed ^ at its Coven^ cpmpany taards, and them in thew rotes. British Indu.sirj-, which has 

Chad talks plea ~ immediately ran into a verbal The bureau has given itself been one of the leaders of Ihe 

The Orsanisation of African ' "Se o b^ge from the Institute of the wider brief of *’ comributing new consortium. 

SnWu^Sto n^^ •Jf- C. BAMFORD, construe 1? cuTrem thinking on the The insiiluie.l.i incensed that 

with rebels, and said it would tion equipment maker, is hi? company boards, the consortium chose to bring 

ISthdraw its neacekeening force expected to confirm today that nOT-execuhves and in ihe British Institute of 


withdraw its peacekeeping force expected to confirm tooay mat lu.c ui wu-e*«-uuves .-inn ,n ihe British Institute of 

by Jum30. Age 30 it -will stop using Leyiand ^ Management at a late stage. 

. oy wuae ou. MmMg hpcause of the Levland establish a permanent bureau merits (induding prospective „ ,j . , 

» ■ ia ^ to be called Promotion of Non- developments in the EEC)." Mr Goldsmith raid yesterday 

Syria figThting: . vemeies sinxe. Executive Directors: Pro Ned. This immediately brought an institutes “offer of 

Hama, northern Syria. • was •GENERAL MOTORS “said as its sponsors have awkwardly outcry from Mr Waiter Gold- the consortium has 

■ sealed off after heavy fighting 3206m (£lllm) of the 3333m dubbed it. smith, cUrector-geheral of the never been senoiisly con^dered, 

between anti-government. f9rces iggr profit reported last week The bureau wiil lobby ci»i^ Institute of Drrccrors. that Pro only conclude that 

and troops' loyal to President . came from revahiari.on of its men to appoint lion-eseculave Ned “ is a deliberate attempt m •J?hi made to 

.7 AssacLP^e.5 pension programme's invest- directors and to nmke their .own undermine the rnie of (hr tne institute. 


moves 
to restrict 
imports 

By'J. O. F. Jmcs in Jehannesbuig 

SOUTH AFRICA yeslerday 
impnsed a surcharge on a range 
of imports and announced a 
rise in indirect taxes to combat 
Ihe rapid deterioration of il.s 
balance nf payments. 

A 10 per cent surctiarge lakes 
iniincdialo effect nn many 
imports, and general sales lax 
will go up from 4 per cent lo 
5 per cent- on March 1. 

I Mr Owen Horwnod, Finance 
I Minister, explained that the 
, surcharge would exclude cer- 

Up lo 50,060 Sonth African 
trade unionists stopped work 
for half an honr yesterday in 
a peaceful protest against the 
dcalh in detention last week 
of Dr Neil AggcU, a . white 
trade anion organiser. - 

tain items under the General 
Agreement on Tariffs and Trade 
(Gam, such as oil products, 
public sector imports and goods 
used for manufactured exports. 

Mr Andre Hamersma, the 
■chief economist of the Standard 
i.ank group, estimated last 
night that the surcharge would 
directly affect 40 per cent of 
the counties imports. 

Mr Horwood said government 
finances were under pressure 
because of the fall in the gold 
price, from an average 1980 
price of 3613 an ounce to an 
average of $383 so far this year. 

He said each $100 an ounce 
fall in the average annual gold 
price meant a 10.6 per cent 
loss in export earnings and an 
S.3 per cent loss of government 
revenue. 

When the gold price is hi^, 
gold can account for more than i 
Continned on Back Page 
Dutch appeal for ban on Soutff 
African trade, )^e 4> 


Youth work aid 
proves popular 


FMMICML TKfiS REPORTER 

ABOUT 30,000 applications have 
been received for the “young 
workeis " subsidy scheme 
which started on January 4. 
New applications are arriving at 
the rate of 4,000 a week. 

The plan, sometimes known 
as the “Walters scheme" after 
the Prime Minister's personal 
economic adviser. Professor 
Alan Walters, provides for pay- 
ments of up to £1.5 a week for 
young people in their first year 
of employment provided that 
gross earnings are below £40 a 
week. 

For employees earning be- 
tween £40 and £45. some £7.50 
is payable. The subsidy is pay- 
able for a year. It is available 
for those already in employ- 
ment as well as new recruits. 

The take-up rate has exceeded 
the most optimistic expecta- 
tions. As Q next step, urgent 
consideration is being given to 
the role of wages council's on 
maintaining artificially high pay 
for new recruits. 

There, is a contradiction be- 
tween the work of the Wages 
Councils, which fix minimum 
wages, fpr' gearly 3m - work^?rs„ 
in low* ^y' -ndvi^es And -^e 
Waiters scheme. Wages Council 
awards for 16 to 18 year (Hds 
range from £30 to £50 per week; 

One of the main purposes of 
the Watters subsidy, wiUi its 
£40 to £45 threshold, is to en- 
courage employers lo pay new 
recruits lower wages, nearer to 
the market value of their sei^ 
vices. In this way, (t is hoped 
young people will bo priced'into 
jobs. 

Another obstacle (0 employ- 
I menf-promoting wage adjust- 
ments is the ** fair wage " reso- 
lutions. These confine the award 
of public sector orders to con- 
tractors paying the accepted 
rate. They are also being re- 
examined. especially in relation 
to tiieir effect on young people. 


. One obvious reform would be 
to withdraw young workers 
aged up to IS or 21 from the 
scope of wages council minima. 
This would remove a contradic- 
tion between tlie two branebes 
nf present employment policy. 

'There i.s an obvious conflict 
between TUC objections to 
widening of. wage differentials 
affecting young people and the 
Government's pnsi'tioir. Ibe 
latter ix based on the notion of 
a “ negatively sloping demand 
curve " connecting wages per 
worker to numbers employed, 
analogous to that connecting 
price and volume in product 
markets. 

Professor Walters does not 
claim credit for the di.scovery 
of this ciir\'e, which has 
featured In economics textbooks 
for nearly a .century, despite 
the controversy it still 
engenders. 

Some less poliueal objections 
are, however, based on mis- 
understandings. The official 
booklet, for instance, mentions 
that " the Secretary of Slate is 
under no obllitaHon to make 
oaymentv ; In .any particular 
case." This is 'not liueiidvd 
reduce the scope of the scheme, 
but Is a standard form nf words 
considered advisable for legal 
reasons. 

The provision for payment of 
the subsidy every three months 
is helicved lo have been made 
at th^ request of employers and 
is expected to lessen rattier 
than increase bureaucracy and 
form-filling. 


£ in New ToiR 


previous 


Spot Isl.8550.a56S l«J.8500 8615 
1 month '0.21.0.26-ptn |0,214),e6 pm 
Smooths 0,79 0,64 pm :0.74.0.79 pm 
lOmonths 2.55-2.65 pm l8.45-8.55 pm 


' . p _ ments. 

Tirnekeepei* jailed ^^lunsH telecom made 

Timekeeper Paul Rich'inood.' 25. £i4<rm profit in the half-year 
was jailed for five years by St to end September,' against a 
Albans Crown Court for obtain- £i9m ibssi Page . 6 ..- 
inc oroDerty by deception and - ' 

tSsDk^ to defraud British • BRITISH Shlpboilders looks 
Bail likely to win a £25m cargo ship 

- order from a Scandinavian 

Coke ban altered Faff® 4 


•nts. senior executives available for Institute of Directors as the Sir Maurice I-aing, oi^rman 

' non-executive roles in other main body representing company of t he ronsorlium. denied any 

BRITISH TEl£COM made companies. directors." threat to the institute's fut-ure. 



Cast group acts on ships cash 



BY VYHJJAM HALL AND ANDREVIf FISHER 


£25 MIUJON 

WCKlsj: 

rom under £9,iOOD 


0 


' Air t 


An Italian maeistrate lifted a • SHELL OIL'S, $4.75bn MR FRANK NARByS Cast $60m apiece, buf since they Cast said that all its activities 
naHni^^ ban on canned Coca- (£2.57bn) investment in: Cali- shipping group, which has run were ordered bulk shipping rontnbuted a positive opera- 

Cola sales and said it applied fornia’s Belridge oifficld may into financial difficulties in the freight^ rates bave dropped tional cash flow, 

only to 0)ke produced in a fac- yield Ibn barr^ oj oil and midst of its $430m expansion dramatically, and the .ships are Last night's statement, which 

torv near Verona on throe spscir gas-^ per cent, more than pfograrame. is seeking to believed to be worth less than gave no financial details, said 

fiedavs . • • ■ officii estimates. . Page 4 -reschedule more than $50ni of $30m apiece. world cconmic cohdition.s had 

■ payments On the nine new -ships Cast has negotiated tradi- sharply reduced the value -of 

clashes COMPAMIES . I it will acquire in the next 18 lional shipyard financing on bulk-carrying ships designed for 

Brussels ijimRIAr esoitp ioha«io months. some ships, but ha.s yet to com- trading in the spot freight mar- 

Sixteen policemen were hurt m «nwpn] davu nC latks 9*®^^ finannng of all three in ket. Half Euro-Canadian's 

when mounted police South Korea. activities are concentrated in 




Brussels Clashes COMPANIES , j it will 

• - fc,,- s„ • IMPERIAL GROUP, tobacro. 

• brewing .and food huinufactur- After 


inissels when mounted police South Korea. activities are concentrated in 

clashed with striking ^and South Mr Narby said last night that this sector. 

workers in a violent demonstra- t?nSfhhi? Eunwanadian. his master com- Cast’s efforts to resolve its 

Son. Page 2 ' 4^^ pan.v. "had concluded that financial problems have been 

uuu. f . Page and Lex and his team flew back to u.. i... 




tion. Page- 2 


deferments of our forward complicated by court actions by 


I lle-f Ai* QhontinS!’S m d'owtv group indusiriai Swtzcnanii lam nignr ana wm ^.gpjtai payments programme Bank uf Montreal in London and 

Ulster snoocin^ •DO^ITG^^^^ arb required in order to fund Royal Bank of Canada and 

Fifty-five civilians were killed ”8 . week to dwirie what action the major acquisitions lo which Canadian National Railways in 

in Northern Ireland shootings .P-. . should be taken; we are committed in 1982-83.'' Bermuda which resulted- in 

last year — more than m any ■ Seotember Page Cast’s immediate problem is Aside from the three bulk- orders reslrainin^ ihe group 

year since 1977, . Govenunent- j.. "" the- progress payments on three carriers Cast will take delivery from Irarurferring assets to re- 

siatistics showed.. ...\^^ . ^ . jiew' 150,000-dwt bulk-carriers of six 70,000 dwt 'container lated companies. Canadian 

• .HOME CHARM, ^Jt-your- being built in South Korea, bulk ships for its North-Adantic National has ' an 18 per cent 
Briefly - >« * sen chain, agreed to buy ihe These are costing Uie group conlaiuer operation. slake in Cast. 


r • . , _ c*lii«wfr VC • Sankey Hoinecentre stores for 

Actress Barbara Stamm lo, eidm paee 22 
received an honorary Oscar, " 

\ LlOOlb wartiine German • DEUTSCHE BP.'W. (iennan 
bomb was found in the centre siibsidiaiy of British Petroleum, 
of Shoreham Airport, Sussex, reported a DM 258m (£59m) 
Armv disposal ' experte were after-tax Iom last year, against 
called. a profit of DM 13m. Page 28 


CitlEF raiCE CaANSES YESTERDAY 


self chain, agreed to buy ihe These are costing Uie group conlaiuer operation. 


CONTENTS 


(Prices in i^nco nnless-irflievw^ ihdl^^ 


Tbo- Asief strikes:" why British Rail 

needs to win 18 

Polities today: the U-lurn no-one 

noticed 19 

Property: Hong Kong’s top rents ... 10 
Cominerdal law: faulure to alert basis 

for estoppel by silence i 13 

Technology: solving the (Chinese 

puzzle 14 


Mauagement: Noi*them Foods’ success- 
ful strategy for growth 16 

Editorial comment: Indochina; Law 

(Doramlssion 18 

Lombard: John Cherrington on how to 
revive Europe's unity 19 

UK car sales: cut-throat battle hits 
profits 23 


Iff' 



RISES 

Treas. 3pc 1985 ...£77J + i 
Excbqr 15pc ’97...£102l + 14 

BICC 327 + II 

Bass 223 + 7 • 

Bath & Portland ... 80-1-3 
British Aerospace 195 + 4 

Hlghams 59-1-7 

Hnward Tenens ... 66 -1- 4 
Imperial Group S41 + 4^ 

Ladhroke • 160 -I- - 9 ' 

Land Securities 301 +'4 

Ltjorbo 89 .+ 3 

Samsbury (JA ... 555 -I- 15. 


TSL Thermal Synd 97 + 10 
Wolseley-Hughes ... 345 + 10 
FALLS 

Douglas (Rubt M.) 76 7 

Dowty- 116 ■— 8 

Gripperfods' ..J...... 120 30 

GKN 174 - 6 

ML HIdgs 270 “ 10 

Saga Holidays ... 170 — 9 

Trident TV. A S3 - 4 

ERGO »7 - 14- 

Gld Mds Kalgoorlie 275 5 

Penskaien .-320 ‘—10 

Venterepost 384 — 16 


AimrtCMt News 4 

Appointments IS 

Arts 17 

Sank RaUtm 22 

EtaM Ralas 31 

Commodities 31 

Companies UK 20. 2^2S 

Contracts 15 

Cr o ssword 17 

Entertain. Guido ... 17 

Euromarkets 27 

European News ... 2,3 

European Options 22 


FT Achwrias 32 
Foraion o***^"* 26 

Inti. Companies ... 27-29 

Pa^ 19 

lenors . - 19 

Lex 36 

Lombard 19 

London Options ... 22 

MuisgemM i 16 

Nlen « Matwm 18 

Mining 24 

Monoy Marketa ' 2S 
OvenaaB News ... 4 


Parliament 8 

Property 10 

Property Advtg. ... 10-13 

Pacing 13 

Share Infarrtiatlan 34, K 
Stock MarfcMs: 

London 32 

Wall Sueot 30 

Ssurm 30 

Teehnelogy 14 

UK Nawo: 

General 6, 7 

Labour 8 


TV and Radio ....m- 13 

Unit Tiusta ....26,33 

Weather 36 

World Trade 5 

World value S 32 

TMTERIM STATBUENTS 
Robl. M. . Deuglao 25 

ANNUAL STATEMENTS 

PlBJCtona (GB> 22 

Lonrho 21 

Robl. H. Lowe 22 

Lloyds ft Scott ... 22 


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2 


EUROPEAN NEWS 


Financial 


PROTEST OVER THREAT TO JOBS 


Angry Belgian stplmen 

invade EEC hieadqnarters 


.t 

'■» tr* " 


BY GILES MeVUTT IN BRU5Sa5 


CARBINE-CARKYING riot 
troopers made a tiiln blue line 
across the entrance hall of the 
European Comnussioa's Beiiiay- 
radnt building in Brussels yes- 
terday as they tried to etaundi 
the. flood of angry and unruly 
Belgian eteelworkeis wfao bad 
invaded the EEC’s b&Aq}UScteta 
in protest at job losses. 

Although they managed to 
bar the way to most of tiie 5,000 
or so demonstratiors who bad 
descended on Brussels in 
columns of charabaocs from the 
steel towns of Idege and Chai> 
leroif a few hundred 
managed to get inride. 'The 
effect ki the digiufled sanctum 
of the Eurocrats, was of a fos 
in a chidten run. 

No violence was offered Iqr 


the burly “metaillos.” but thedr 
physical 'presence in a jostling, 
slogan-shouting, Intemaitioaale 
ringing, baimer-waving pbaSanx 
was threat, enough. All lifts 
were put out of sernce to pre- 
vent the invaders from penetrat- 
ing to • the upper floors and 
running riot along the Berlay- 
moat's interminable corridors. 

Thwarted— except for a smrii 
delegation allowed to meet Mr 
Gaston Thom, the Gominission 
wesident— the steelmen milled 
around in fnmt of Uie closed 
banks of lifts, listened to a 
litany of thedr grievances being 
recited over a buU-liom by. one 
of ' their leaders and, on finding 
a storeroom filled high with rolls 
of lavatory paper, diverted 
themselves by Ihrowang 


streamers. The only casualty 
was an elderly doorman whose 
glasses were removed from his 
nose. . „ 

The most menacintg qualiily of 
the invarion was its 
Incoherence. The steetwoiieiB 
of Wrilonia were massing to. 
defend their jobs agadnst the 
restructuiiog cuts still to hit 
many thou»nds of them, 
their anger was undirected, like 
tbat of a goaded bull in a ring. 

Perhaps the only good that 
came out of it, before the 
demonstrators left to clsh in 
more bloody but traditional 
manner . with mounted gen- 
darmes in u real riot near ihe 
Belgian Parliament, was tbat it 
for once ooofFonted the Euro- 
crats with the people. 








BY OAVH> HOUSEGO M PUaS- 


. • < 


Batourwielding mounted police charge through Belgian steelworkers demonstratfiig yesterday 

outside the Parliament bnUding- in Bmssris. 


the french -G oyerhment^^ 
backed down over.;a key fw-- 
ture its scheme for, 
gtiaiiog in industry, .by recom- 
mending timt woriE^’' .earmi^ 
riiould npt sniffer u.'a xe^t- 
of the svrttch to . a SB-bbur 
woridng we^ ' - 
Ci^ servants and pubUh sec- 
tor workers will contixme to be 
pai d 9 s for .a- 40-hoar weel^ M . 
Pierre JffMroy, the Prime Min-. • 
ister, reveal^ yesterday; He 
urged the private ■pector to fol- 
low suit- i‘ . r • 

M Mauroy's diahge of tack 
foUowed'the dlr^ intewention - 
of President FcancoU Mitter^ 
land at Wednesday’s -cabinet 
meetuQg- when -apparently he- 
overulled both bis Fmine''.1Hs^ 


en^e by dec^ a w«^ 

paid holiday .^:7^*-iTbi5-.is- 
4 he o£hrir arm -of its. work-ritar-: 
ing ctrategy .wlddi unioss havt 
complained employers -aze dfliri 
■rehi c*aTit fn'concedfc ■ -- 

■' .ai*^'y !ytiftin. unions yestaday. 
. -emnessed -satisfaction, with 

• Ifauto^ ^te^o^' ' Ml 
S e^}yi4ead^ -of tlft Oomhp^ 
.1^ OCT union . confederate 
- which- has. been In the lore&^t 
'Of a^tation over., ffie iipplemM-' 
tation . of . the shorter woirtdog 

• week, declared' --ftat tte 
decisions were “very, pc^ttve.” 

. SB9i(^^^ln:-contTast,^^h^ye^ 
. ^eted : with yarymg degtees 
ofialarin to a -decirioa seen. as 
both adding to industry’s 
■■-aitd sieCdng -an ondnoos -i^iitoe- 


FTiii iji^ tB 'iBi''^******'™-— 


Poland stm hungry but no longer starving 

BY XAN SMILEY P O 

prrE political upheaval Nevertheless, doctors dn is in riSt soi?^of ^aid readies the ClltS 

ih» «iT*Tinuinc cash crisis. - Poland have noaced__a_ marked rose by some 2i per cent last tx_v x „ilhf V!F.r. nfficials hone & 


DESPITE political upheaval 
and the continuing cash crisis, ■ 
Poles are unlikely to starve, 
thanks largely to a massive 
inflow of emergency aid from 
the West The International 
Committee of the Red Cross, in 
Geneva, still reckons that $21m 
is needed over the next two 
months to protect the most 
vulnerable of Poland's 36m 
people. 

Poland is a long way. how- 
ever, from the grinding poverty 
of much of the Third World, 
where in many countries half 
the children die -before they 
reach the age of five. For aid 
workers recently in El Salvador 
or Kampudiea, the Polish pro- 
blem is,slight. 

“We are talking about rela- 
tive need, not absolute need," 
says Dr Kenneth Slack of 
Christian Aid, who has just 
returned to the UK from 
Poland. 


Nevertheless, doctors in 
Poland have noticed a marked 
deterioration in child health 
and an increase in general 
malnutrition. They reckon that 
about a tenth of the population 
is in urgent need of outside aid. 

Much of the risk is caused 
simplv by lie queues in which 
the old. the sick and mothers 
with babies have to stand for 
hours, often in biting cold, just 
to buy a meagre ration of essen- 
tial food. Babyfood is in particu- 
larlv short supply. 

There is little sign tbat 
either martial law, imposed in 
December, or the masive price 
rises in force since February 1 
have reduced the queues. The 
shortages may be even more 
acute outside Warsaw and the 
big cities. 

Overall, vrith prices jumping 
up to fivefold, the Polish 
people are facing a sharp drop 
in their standard of living. This 




don't oxHit 
anymore 

Bot^stiBhavelheiriiusine» it 

ThBydon’lcourtanyitwre^ptybeousethwotolnawta W 

Group 4 Pay Services have taiw the whole tiresotm payday routine » 

away (rani them. — - — 

And WB can do A (or you. > . 

WrthauniqufeleamolEuroptfs .. -.fy .- . V .a|g 

top ptofessuwals and. B needed. 
back^bythee(flclencyo(Bnlaln^ 
leading independent computer service, 

Group 4 wiH evaluate your needs, 

impiement the system and give you back-up 

We offer pan or total service. ' ' • ' r 

We'll calculale lax, Insurance and 
.pension deductions. 

We'N collect cash (ram the 
bank. 

We'D packet up wages, 
compl^ with paj^ips. 

Plus a wage analysis and 
any (urtherpelmnnel or costing . 
reports you require. 

• We'd dekver them loo. ..h 

Then yoirr slalt win be (ree (or more produ^ work 
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There's no joiningorsBtlitig up lee. Just a umt cost per 
employee, vyhich fe probably a lot less than you re paying 

'*°*Wbuldn't you hke to know you don't count anymore? 






^M*iFniRn4S#BO^ 

(ivias the worid 4 soK el seoRjni 

Creep 4 tobl Seeerlly LH. Fancemba' Mose, 8nadM|pWWa.WRi2 TLX 
TM:(24miiiral03B68585«51M«x:33l5Tr. 


BY XAN SMILEY 

is in spite of the fact that wages - 
rose by some 27 per cent last 
year> and existence of a com- 
pUcated system of compensa- 
tion for various categories of 
pet^le which is inteuded to 
soften the impact of the price 
rises. 

A surprising irony of the 
food scarcity', however, is tbat 
even in the ■ past year Poles 
have probably been eating 
more meat than any other 
country in East Europe and are 
still p^ably consuming more, 
for instance, than the 
Romanians. 

One result of the disgraced 
former Premier Edward 
Gierek’s ill-contrived Western- 
funded expansion and its 
associated consumer boom was 
a sharp increase in mesut 
consumption, from an annual 
average of 52 kg per person in 
1970 to 73 kg in 1980. ’This com- 
pares with the Soviet average of 
around 60 kg and an annual 
consumption per head in some 
parts of the Soviet Union as 
low as 12 kg. 

Even now, with rations at 
3.5 kg a month, bringing the 
annual average per person 
'down to 42 kg, many Poles are 
probably eating more than 
50 kg of meat a year. That 
compares with the British 
annual average trf 56 kg. 

• need for help— with 
medidne as well as with food 
—nonetheless remains press- 
ing. Key Western aid organisa- 
tions have been the Inter- 
national Committee of the Red 
Cross and individual .natton^ 
Red Cross societies. The ICRC 
has gathered SwFr 26m 
f£7.4m) since martial law was 
imposed on December 13, hav- 
ina already raised SwFr 19m 
following an appeal launched 
in October. 

National Red Cross orgamsa- 
tions have also been effective, 
the West German Rm 
C ross sending 5,000 tonnes or 
food and assistance to Poland 
in 1981. CoHections for the 
West German Red Cross at 
central, state and local com- 
muiutv levels have produced 
DM 2*3m (£5.2m) since Apnl 
i 1981, of which over half has 
i been gathered since martial 
I law began. 

The other most effective non- 
govermneut organisation (NGO) 
has been the 'worldwide Catholic 
network. Caritas. whose head- 
quarters is in the Vatican. It 
has sent out over 8,000 tonnes 
of aid since the impoation of 
martial law, worth around £Sm. 

'West Germany and the UE. 
have been the most generous 
donor countries. West German 
Caritas sent more ■tiian 600 
tonnes in the month after the 
start of martial law and is now 
delivering at the rate of 240 
tonnes a ■week. The West Ger- 
man Protestant agency. Das 
DiakOnisdewerk, 'wHl have sent 
320 tonnes by the end of this 
month. 

West German supermarkets 
are offering special packages 
containing food, powdered milk. 
■ washing powder and soap, at 
DM 50 each, ready for despatch. 
The total privately raised Ge^ 
man contribution to Poland is 
I probably well over £taL 


Debt crisis 
deadline looms 

By Peter Montagnen, 
Euromarkets Correspondent 
ANOTHER KEY deadline in 
Poland’s debt crisis comes on 
M ftiiday when the eonntiy is 
due to complete payment to 
Western banks of interest 
overdue from 198L 

Completion of the pay- 
ments is a vital condition for 
the signature of an agree- 
ment with about SOO banks 
allowing repayment of 32.4bn 
in debt matnring last year to 
be deferred until 1988. 

Since Poland announced 
the Friitniaiy 15 ta^et for 
payment of the - interest. 
Western banks there has 
been some catching up pay- 
ments, but wide^ qnoted 
put the amount still 
outstanding at about 3100m. 

The figure is little more 
than a guess, as bankers say 
there has been little oppor- 
tnnity to collect information. 


- Catholic Relief Services, the 
Catholic emergency agency 
workix^ manly in the U.S.. sent 
2,630 tonnes in the last week of 
January and has raised around 
$2.2m. L 

At leak '16 NGOs in Britaiir 
have sent help, totalling around 
600 tonnes, since martial law. 
plus another £350.000 in 'cash 
contributions to international 
charities. The total British con- 
tribution is around flm. 

By far the most important, 
recent aid devetopmenu how- 
ever, was the decision by the 
EEC’s Council of Minist«s on 
January 26 to make available up 
to 35m European units of 
account ($31.5m) for emergency 
grants to NGOs for use in 
Poland over the next year. 

Last year, the Polish Govern- 
ment bought EEC food (mainly 
beef, pork, grain and sugar) at 
a 15 per cent discount ^on 
market prices, worth EUA 8am. 
Now the EEC has decided to 
end what added np to a direct 
grant in the hope of eosuring 
that aid reaches the most 
deserving people. 

**We don't want any food to 
go to the Polish army or police, 
or even the Soviet Anny," said 
an EEC official. 

This was the fear that 
prompted the U.S. Administra- 
tion not to send food aid to 
Poland. It is clear, however, 
that the vast bulk of Western 
aid — most of. it funnelled 
through Poland’s Church net- 
work— is indeed reaching its 
intended recipients. 

Most of the NGO aid is chan- 
nelled through the „ Charity 
Commission of the Polish 
Episcopate. Since December 
13, over £20m has been 
privately collected through 
NGOs for Poland. It is now 
a matter of ensuring an effi- 

FINANCIAL TIMES, published doily 
except Sundoys and holidays. U.S. 
subscription rates S365.00 per annum. 
Second Class postage psid at New 
York, N.Y.. and ot additional mailinu 
centres. 


cient distribution so that the 
right sort of aid readies the 
right people. EEC officials hope 
that between 6 and 7 million 
Poles will benefit this year. 

In the longer term, Poland's 
food problem can only be solved 
by economic and political 
means. In particular, private 
farmers, who own SO per cent 
of the land, have to be per- 
suaded to suirender food to the 
state maiket. At present, they 
are .vnthholding kipplies as a 
hedge against inflation or prefer 
to sell at .high prices on the 
black market. 

By October, the authorities 
redconed that meat supplies 
were down by 21.3 per cent. 
Now they may be down by half 
on last year. The Government 
is thrratenlDg to take the food 
by force. 

In economic terms, the price 
rises make sense because the 
Government had been hugely 
subsi^sing the cost of basic : 
foods. It had, for instance, been 
paying farmers 9.5 riotys for a 
kilo of wheat while a kilo loaf 
of br^ sold at 7 zlotys In the 
shops. It is arguable .that only 
under . martial law could the* 
necessary steep increases have 
been imposed without the sort 
of riots which in 1870 and 1976 
caused the Government to 
backtrack. 

With direct food aid flowing 
Id from the West at such a high 
rate, vndespread ‘znalnutrltion 
will be staved off. But if pro- 
duction of food and Its distribu- 
tion is to return to efficiency, a 
complete reform of the system 
is needed. , Without fte 
-cooperation of the farmers, 
however, and ■with the people 
seeming unlikely to return to 
hard tvork under the duress of 
a military govemmeiit General 
Wojciech Janizelskj 'will almost 
certainly be unable to organise 
the Polish people into feeding 
themselves properly for a long 
time to come. 


By Charies Batditior 

hi Amsterten x 

THE DUTCH Government must 
TTiaia* spending cuts of FI ^5bn 
(£894m) if it is to achieve its 
target of reducing its budget 
deficit to only 6.5 per cent of- 
gross domestic product (GDP), 
according to the Central Ecooch 
mic Gonuoission, , which tom- 
prises officials from the Finance 
and EcoPontics Ministri^ and 
the Central Planning Office. 

The commission's . pn^sals 
'Will be taken into account when 
the government presents . Sts 
budget amendments to parMa- 
ment in March. . The cuts are 
necessary .because ' of lowers 
than-expWted g^ and tax- reve- 
nues, fairer social security pay- 
ments and interest ohaitges on 
the government debt. 

It is uncertmn. ' however, 
whether the government ■wHl 
! hold to the target it set -when 
drawing up its policy 
gramme last year. 'Rie 1981 
budget deficit is expected to be 
higher than previous estimates. 
A reduction to 6.5 per cent -of 
GDP could have too savage a 
deplationary impact. Mr Andries 
van Agt, Prime Minister, wsuned 
Parliament. • . - . 

The 1981 deficit Is expected 
to amount to 8.3 per cent of 
GDP— Fr24bn— enstead of the 
previous estimate of between 
74 and 8 per cent:. ,. : 

Norway pr5tolca|r : 

Norway’s retail price index’ 
rose 3 per cent over the month 
to mid-January, the ' largeri; 
increase in a single mootb for; 
30 years, write Fay Gjester fn 
Oslo. The year-OD-year rise was 
only 12 per cent, however, com- 
pared with 154 per cent a monDb 
earlier. ' 


Minister- fOr Emplqyinent... ■ . 

M Mitterrand -was reported 
^riaiiy to have told..tiie 
Cabinet that j» worker neeq 
fear, a Joss' ^ purdiasing po^r - 
as a resiflt of toe SMioor 
tTlxere can be no question, - he . 
said, “of exchanging 
working hotu* for a drop- m 
earnings.” Only two .days be- 
fore. T£ Maiiroy, echoing views 
similar to M Auroux’s,-^ had smd 
that to work- s te rin g 

was to discuss income-shaiHs. 

Yestmiday, M Maupoy said 
that cuts in the wifcing 
to 37 hours or below sho^ to 
accompanied .by a reduction m 
earnings.. He also- said "that the 
'Governmtot 'was ready to 


tioo A4he (econmny. 

. . M- -:Yvon' -Ghotaxd,. --viee-^ia^ 
dent.bf thetonpibyms qzganisa: 
.tito; saidi.'tbat ro -xedQetioh'*in 
■wbriehigihoms de^giwd to boost 
eaxploymeiiti' dtould -nbt . resplt 
to -.- in > inorea^ 'todus6|'’S 

costs. He -s^. 't2ie..-'.de<^kHi 
threw 

already;, . negofl^Bd :'.evBr .:.4^ 
totroducti<m..^o£.':-.-1he 'SE^hbnr 

;M. 

-hayq .'fa^ohredi..^ .-imion' 
becanse'^.o£(^-.stoto^ 'oif -the 
iodustiiil ’•^,%ritetiois--tind. his 
anaiq^.^'tor^appoiiu ^u- 
laif expri^iqi^-.Q^ 
izapbictaiit .ettotoral-tominitiiient 
as . 'toe 'ihorier.^'iitot^^ 


Spain sets 
martial oy^ 

BY ftOem GBAHAM 1M :'v 

the C(XmT MAraM. 'cff: 32 i-ibe^ 

officers and one d^afieftargto 

vrito involvement - to Mm- 

S'Danito coup attempt last s^ a?t-..'lJle- hcaiS- of .a gcFv^u- 

on toe anniversary <rf the went. • 

Snoun^?^«^y ■ 

The date has- heeh toe main: -Antoi^ 
focus of political attenfton fqr;^gew: 
sometime. The trial is expected ®.2 ' 

tn last 'about 40 twrking'-days;;* '. ' 
tjut could' be -muto ton;^ 

lawyers fmr the cboose • • ’ DwtiiaTO .o^toie 'apn^ fotoes, m 

to employ-' delaying tactics;'-,' ■■ . 

Pre^ leaks have' ' reveiaW . Atteodapoq.. 
that the mmtaiy.pnwjteitite is laiioiee^'.retofavqs ^ 

seeking prison termfr of iqj' to’ pwpte.;.^ 

30 years for the leading figures. Ea'by k^tajion .pni^. v:? " ' 








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February 12 19S2 


EUROPEAN NEWS 


E. Berlin 

peace / 
moi^ent 







*i; lor 


vUup 


\ ..has 

annotihe^d ■ humaaitaxi^ con- 
ce^Ohsifo ite populatian which 
“• ; Vft«' pr6mjrtd' at the ;suinm 

- itteeUag.last Deceinherliet^^ 

' i, :dmi(%ihjr H^mut:Schmidt. of 
' > ;. w > ' "West V Gennahy/i aad President 
.•BricK- same 
" ''"■i- 'tjmh::1iiif'E3St.'G«nMn ieader- 
'■ = ■ -shlp-hts OTched down on the 

■ "^^grewteff' . ipftacp; . morenent to 
=1' . d^bhstrate it. Will tolerate no 

' outi^oh^ ' oppDsifioa in -the 
• ■ ■ • -Jcwaitiy-- : ■ • . ■ *. 

- seeizritjr officials ' inters 
: .niga^ ' ftc two . cfoys an - Bast 
^nwrvho is one of the 
East 'German 
' ' jfeace^' ' ' BKMren ~Se was 

- 'j^sterday after' -the 
of'-:' the 'Bast 
: GttaMn'i^^rotestant Church. 
'Yoo^' ;Ei3t Berliners were 
tor wearing 
the eg^am'-of the movement-^ 
a iwalBh>haie*^stributed by 
th^i^ujfnh. . 

■■Tfe ■ p^T, Herr Kainer 
.2$pelnuihn,- is -one of the 
• ^ appeal which has 

- b^ gathering signatures in 
' East'^ermany. 

Appeal" calls 
' 'for: ** zib&dhtefvention ” in the 
' inferst^ eiKus of both German 
sfa^ hy -'othe 'Western allies 
:'and ^e 'Soviet -'Union, a.s well 
as icK’ 'an .end to the miiitarisa- 

■ lion-' of 'Ea^ ' German life. 
Protes^t Qiurch members 

in Beilin -said the pastor was 
' arreted .pfter a meeting of the 
"Tu^ng -poUtbturo -of . the East 
Gennatt-. .'Communist Party 
whifih' discussed the. appeal and 
its publiditlon in the West. 
The hbmes. -of several organisers 
were ;-:seairhed and lists of 
signatory confiscated. 

. . The . -East Berlin teenagers 
-who were taken 'into custody 

- were . tbi.d- to -remove the peace 
emblem from their clothing or 
they 'would, suffer consequences 
at school and work. 

The East.:^nzlan authorities 
3 have;.- announced, meanv^e, 

•' they :were extending ‘the num* 

*• her V)f 'family occasions at 
-•vdtich- East G.ermans can aoply 
.-■for*paini8^oli to visit relatives 
. ^ in west -Germany.' Until now, 
-visiti.were- allowed for births, 
--••'deathSi weddings and sUWrand 
‘' gold v^dding anniversaries. 

' The Ifst 1ms been e.vtehded to 

- include baptisms, confirmations, 
first -cpiiimanioiis; • 60th, 70th, 

,>-7Sth add* subsequent birthdaya 
s: Last', year. 37.000 East 

c- Germans under retirement age 
visitetf tlfeir -West -German fell* 

* tives. V«fter applying '- 'for 



sees the rapid rise in its lading come to halt 

. ftY GILBS MERRITT IN BRUSSELS 

he^^^roPMn^"l^«^nt that double- the four member staics which The overall slow-down in the tions lasr year contributed to the projects supported should, 

voi™ Of ^ ttie:EIBs financial new fixed investment in the when completed, replace 10.6m 

Of loans, which yesterday pointed J*^**^^ operations coincided with the Community worth some 11.7bn tonnes of imported oil yearly, 

^bave been such a marked lo tensions on the capital Greece and doubling at the end of last year Ecu. bringing to 61m tonnes a year 

feature since 1977, were markets, high interest rates, of the bank's subscribed capital The two main targets of EIB the total of oil saved by such 

abruptly arrested last year. deepening recession and But UK applications for to I4.4bn Ecu. W'ith the bank's financing were projMte con- proj^ts since 1977. 

Revealing that its financing budgetary difficulties in-various EIB loans declined dramatically lending limit nf two- tributing towards employment Almost 500m Ecu was last 

operations last year" totalled “®>nber states as factors thanks to thp imnat-i nr rm.«. ^ott-a-half times its capital and and those aimed at energy con- year spent by the bank on 

3.85bn European wrrencyun^ responsible for reduced invest- -ion nn indusfrifli invLtm]^ outstanding loans of 16.95hn servalion and diversification. In projects outside the EEC; 

FVdn currency uniis requests for industrial investment the increase hfted the terms of jobs, the bank reckons notably on development work 

finance. j public ^ctor limit from I8bn Ecu to 36bn that- its 1981 operations will in Spain and Portugal, the .two 

nt otai. -r, 1 . ^ demand. The bank's lending to Ecu. involve the creation or saviag candidate member states, knd 

Of the S.36bn Ecu lent to Bntein totalled 1142.6m. EIB loans contribute on of 31.000 industrial jobs, while 

netp nnance tndiistrial ^ and against £417.3m the year befcwe. average about a quarter of the construction work on projects 

mfrastruciural projects inside, while the £Hm jif loans to finance required for- particular is put • at an equivalent of 

me Lommunity. almost three* British indusir>' were less than pro,iecis. so that the bank yes- 465,000 man-years of work, 

quarters was oPAcentrated on a fifth of 1980's nperatioi^ terday calculated that its opera- On energy, the EIB- says. that 


(fgjjm), -£^’s' long-term 
development -. bank noted that 
the figure marked no real 
improvement on the 2.95bn Ecu 
lent- during 1980 if account is 
taken of inflation. The 1980 
level of EIB lending, however, 


in 33 other countries in the 
Mediterranean region. Africa, 
the Caribbean and the Pacific 
that are signatories to the 
Lome Convention. 



Rupert Cornwell, in Rome, assesses the performance of one of the EEC’s weaker currencies 

gives temperamental Italian lira soothing ride 


iaih: 


VT 5 


" THESE- P.4ST three yeairs 
have proved everyone wrong," 
commented a leading Italian 
economist recently ^dmut his 
coimitry’s meisbership of the 
European Monetary ' System 
(EMS;. “ It has not provided 
the discipline required 4o solve 
all our economic problems, as 
the optimists believed — but 
then ‘it has not been heavily 
defiatdonary as some of us 
feared." 

:His words refieet ithe com- 
pvatively p.eaceful ride which 
the 'lira has enjoyed in the EMS 
since its inception in March 
1979, in contrast to the fierce 
political debate in Italy before- 
hand. In .the closing stages of 
1978, the parties of the Left 
.and a. sizeable chunk of the 
'econmnie estabUsftmeot had 
deep misgivings, arguing that 
'an ill-considered entry into the 
EMS at a parity which could 
not be l<ff]g sustained would be 
pointless and coutkter^produc- 
•tive. 

In- the event ,a compromise 
was reached. .4fier assurances, 
and some cajoling, from Chan- 
cellor Helmut Schmick of IVest 


UK urged to join system 


NOW THAT the EEC Is 
poised to develop the Earo* 
•pean monetary system further, 
Britain must move off Iho 
sidelines and Join ft Mr 
Christopher Tageodhat. vice- 
president of the European 
Commission, said last night, 
writi^ John Wyies. Delivering 
Esmec Fairbairn lecture at 
Lancaster University the 
Conservative MP warned that 
the British Ooverament's con- 
stant plea that the time Is not 
ripe for foil EMS memher- 
shlp was lasing credibiUt3‘. 

Acknowledging that cantion 
was natural, given the carrent 
state of both international 
monetary affairs and the 
British economy, the Commis- 
sioner claimed that sterling's 
absence from' the EMS weak* 


ened the system and was un- 
helpful to efforts to etdablish, 
a common approach to thttd 
eurrenetes. 

Community finance minls- 
-ters arc due to (lfseus.s this 
and other posslhiUties for de- 
veloping the BAIS in Brussels 
on Monday. They are under 
orders to produce some prm 
posals for the Comoiunity 
summit at the end of next 
month. 

Mr Tugendhat. who Ls re- 
sponsible for the EEC hudgef, 
urged replacing existtng bi- 
lateral swap arrasgemenfs 
between European central 
banks and the CT.S. Federal 
Reserve with a single swap- 
eredil arrangement between 
the Fed and (he European 
Uonetaty COHtperation Fund. 


HOW ITALY 
HAS FARED 
IH THE EHS 


Bant e/ iMly 


would have been greater, and 
the inflation rate, higher, he 
argues. In the event' depreci- 
ation against the D-Mark has 
run at about 6 per cent 
annually since 1979, compared 
with an average inflation differ- 
ential between the two countries, 
of about in per cent. 

Faced with this erosion of 
eompeiitivlty, Italian industry 
(or at least that pan of it 
exposed to stiff international 
competition i- has-been forced to 
an on its own. In the summer 
of 1980, Fiat approached the 
Bank of Italy to plead for a lira 
devalu.itinn. 

Politely but firmly, the 
central bank demurred, and 
that autumn the car company 
moved to put its nwn house in 

order. Since the end no- for example, has recently been imported raw materials. It 



0 *- 


CDd Ha*. ts end Bag. 



relatively little 


PTocedemed 35-day strike in italVs fourth biggest trading 
Ocfidier 1980, Fiat’s prodtic- partner 

tiviiy has risen by 20 per cent. how long -can this go on? 

Similar imprnvement.s in pro- Sooner or later, the Bank of 
ductiritj' unfortunately have not Italy insists, competitivity with 
come in the public sector. Wert Germany must be 
The worst example of all has festered. It is here that the 
come from the Government. Us future 

insatiable borrowing • rcouire- E3IS. 

mem might easily overwhelm Whatever the extra pain for 


that the Hra remains highly policy with 

vulnerable, the sustained constraint. 

strength of the U.S. dollar has As one official put it: ** In 

Gemanv^*d lafg«ly masked the problem, many ways we've behaved as if the limit' placed 'upon it for Italian industry, the buoancy strensihening 

Giscard d’Estaiiis of France^ holding down the D-Mark, the free to float. We would never 3982 nf LSO.OOObn {£2Jbnl— of the dollar has lately held the 
Whovc mint hta,in«*htM viui<i dominant component of the use the full margin, usually equivalent to more than 11 per EMS currencies closely to- 

only 3 to 4 per cent, and then cent of sros.s domestic product, 'gather. On some occasions, the 

^vould act if necessary." Thwe Uncontrollable public finances lira has actually appreciated 
tactics have also largely denied 


»?»»urg^. fa^^ visits.' 


wias — Sig Giulio Andreotti, 
the then Prime Minister, took 
.the jriunge. 

A skillful downward manipu- 
latimi of the exchange rate in 
•the months beforehand ensured 
a favourable initial parity. The 
protection afforded by a special 
6 per cent fluctuation margin 
(against 2.25 per cent for the 
other partkipants) also helped 
give the lira a smooch start. 

It was not untfl 1981- that 'the 
currency was devalued (twice) 
within the system. If -a high 
domestic- faflation -rate means 


holding down the D-Mark, the 
dominant component of the 
EMS. 

But if the results have been 
comparatively modest, has the 
exercise been worthwhile? The 
answer, in the general view, is 
yes. From the outset, one nf the 
most powerful arguments in 
favour of Italian membership 
has been political: That it 
constituted a rudder keeping 
one of the community's weaker 
members in the EEC main- 
stream. 

Central bank officials admit 
that the 6 per cent margin has 


speculators the safe each way 
bet which used to prove so 
lethal In the old days of rigidly 
fixed parities. 

But. almost certainly, the 
advantages have been positive 
as well as negative. Some 
disciplinary effect has flowed 
from the EMS. according to 
Professor Romano 
Industn' Minister 


are the biggest single contribu- against the D-mark. It is when 
tor to Italian inflation, and Thus the dollar weakens and the 
to the instability of its D-mark nits free, that the real 
currency. test of the system will be at 

A more subtle change has hand, 
come about in Ital.v’s foreign Before the EMS, a weak 
trade. While a depre>:5ed D-ma^k dollar and a strong D-mark 
has thrust the cmmtry heavily provided ihe recipe for Italy's 
into deficit with West Germany, financial and economic recovery 

exporters have perceptibly im* between 1977 and 1979. During that old British nusgivings, for 
Prodl proved their showing in the that period, the Bank of Italy prestige reasons, about being- 
In the Oraani«atlon of Petroleum Ex* could allow the lira to float seen as a second- division’ mm*' 


remains to be seen whether 
this will be possible within the 
fixed confines of the EMS, at 
least as it now operates. 

Italy Is indeed allied with 
France in seeking to push 
through an initiative develop- 
ing the existing EMS, extend- 
ing the technique of multi- 
currency intervention, and 
the , support 
mechanism of the system. 

Up until now. however, the 
device of the 6 per cent margin 
has suited Italy’s requirements 
well. Some here feel it might 
also suit Britain, in the manage- 
ment of petrocurrency, if West- 
iTUDster's fear of too high a 
starting parity for sterling 
against an undervalued D-mark 
could be removed. 

Many equally suqiect 


Andreotti cabinet, which took porting Cniintries and .THrd down against the 'D-mark, hut 


ber of the EMS. could prevent 

allowed the Rome authorities to the decision to ga in. Without World markets, where orices appreciate against the dollar, a highly desirable extension of 

operate domestic monetan' the EMS. the lira's devaluation are dollar--denonlo8ted. Libya, and thus hold down the cosj of the system. , 


Lisbon acts 
to head 
off St)^/\ 
violence 

By Diana Smith in UsbM 

the PORTUGUESE Govern- 
ment i.s putting 7,000 police on 
the streets today to prevent 
violence during the first 
national general strike in- tbe 
country’s history. 

The strike has Tjeen called 
bv ibe Communist-dominated 
CGTP*Inter trade union . con- 
federation, which claims that 
unions representing 2.5m 
workers (two thirds of the 
labour force) have answered 
the call. 

The non-Communlst UGT has 
condemned the strike as a 
political manoeuvre and 
refused to take part. . ; . . 

Essential services, apart 
from town gas' in. Lisbon, will 
be rnaintaiaed as long as no 
breakdowns require repairs. As 
in the past, the Government 
has laid on private buses to 
compensate for stoppages by 
Lisbon public transport unions. 

..Last night the centre-right 
ruling jCoaJltion of Social Demo- 
crats, Christian' Democrats and 
Monarchists held a mass rally 
in Lisbon as a show of 
strength on the eve of the 
strike. 

Sig Francisco Pinto, ' 
Balsemao's administration, how- 
ever unpopular because of 
heavy price rises, has earned 
approval this week for very 
tough stands on what it and 
the Socialist opposition regard 
as a ploy by the Moscow-tied 
Communists to topple the 
Government, and prevent 
liberalising reforms of the left- 
wing 1976 constitution. 

The ageing Communist 
leader, Sr Alvaro Chmhal, 
clearly admitted these designs 
on nationwide T'V earlier this 
week, when he accused the 
coalition and the Socialists' of 
plotting a right-wing coup via 
constitutional reforms and .de- 
manded a stop to it. 

Some see today’s strike as a 
desperate mov'e by a Communist 
par^ whose allegiance to Mos- 
cow has cost it the vote or 
active support of many left- 
wingers. 

• The national statistics insti- 
tute announced yesterday that 
with imports totalling $7.52bn 
and exports S3.22bn, the visible 
trade gap widened to $4.3bn be- 
tiveen January and October last 
y.eStr, 

• :Ii> the same.periDd in 1980. 
the' trade deficit was S2.8bn 
with Imports of $6.04bn and 
exports of S3.23bn. 



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AMiRICAl!UilE«CS- 


Financial Times Mday Fetoaiy 


Congress to reconsider El Salvador Dutch 


BY ANATOLE KAIfTSKY W WASHINGTON 


A SPEX3AL Congressional dele- 
gation Sa Salvador 

this weekend iio -provide a '^pos^ 
tive report” on whether condi- 
tions tiber^ could inhi a 
Vietnam situation,” Blr Tip 
O'Neill, the Speaker of the 
House of Jtepiosentatives,- 
yesterday. 

As concern grows about U.S. 
involvement in £1 Salv^or and 
the .guerrilla war inten^es 
ahead of the MarA ^ elec- 
tion? there, Mr O’Neill said he 
was worrit about tiie U.S.’s 
apparent revival of a 'domino 
-tiieOJ^’ bn central America. 

State Department officials 
have repeatedly said tiiat El Sal- 
vador i^presents the “decisive 
battle for central America" and 
that the U.S. must do “what- 

U,S. to raise 
■anti-USSR ' 
N-warliead 
capacity 

ey Reginald Dale. U.S. EcRtor, 

' in Washington 

' THE XT.S. is to increase the 
number of nuclear warheads 
it can launch against the 
^rlet Union 'by deploying an 
additional 50 BSinuteman ni 
-ground^anncbed intercontin- 
ental missiles in silos now 
occupied by older lUnateman 
ns. 

As the Blinnteman m bas~ 
three independent targetable 
warheads, against only one on 
the Blinnteman H, the total 
number of warheads ' in the 
wiTintpnifln force Will rise by 
100 . 

The Minnteman m is also 
more accurate and h^ter able 
to penetrate Soviet air 
defences than the BUnateman 

n. 

But the net Increase in all 
U.S. warheads targetable 
a gahi^ the Soviet Union vriU 
only be 48, because of 
Administration plans to dis* 
mantle 52 ageing Titan mis- 
sies, stmling this year. 

The SO BUnatonan m 
missiles are to be taken from 
tZie stock of 20 spare missiles 
the Air Force keeps for test- 
ing. The Air Force, which 
test-fires 12 ndsslles a jrear, 
did not want the stock de- 
pleted and reportedly opposed 
the plan. 

Cons erv a ti ve members of 
Congress' have long wanted 
to deploy more H inateman , 
Hb and last year succeeded 
in getting Congress to alio-, 
cate 55m to fond the pkm. • 

The Pentagon also said 
that when the first 40 BES 
missiles started to be d&-^ 
ployed in BHnuteman HI silos' 
in 1986, tbe displaced Blinute- 
man nis will also be trans- 
ferred to Blinuteman n silos.^ 
The warhead plans would' 
** arrest (he downwards trend 
in relative capability ” of the 
U.S. missile force compared 
to that of the Soviet Union, 
the Pentagon said. 


• ever'js'iiecesMTy’^^to prevent'.a 
guerrilla victoiy there., 

Mr O'Neill said he was not 
convinced tiiat it 1$ in the. vital 
interest of tbe U-S. to suH>ort 
tbe Duarte -Goveiument but 
stressed that this issue is "too 
serious” for Democrats to 
oppose President Reagan’s 

poUcy joitomatically on partisan 
grounds. 

Mr O'Neill’s statement is sig* 
nificant because in the past be 
has not come out in seaport of 
liberal • Democrats who have 
been demanding a. change in 
U.S. policy on ^'Salvador. 

Four Demoaatlc li^als 

have produced a -Bin calling on 
tbe Administration to- enter into 
negotiations to seek an inter- 
nationally supervised ceasefire 


in- El Salvador and negotiations 
between the Duarte government 
and the -guerrillas.. . - . 

Current policy is to back 
President Duarte in his refusal 
to negotiate with the guerrilla 
leaders, who have' eqiressed 
^eir willingess .to-, talk, with 
preconditions about some form 
of cwitempwaiy coaliticm gov-' 
emment in Salvador. 

Ihe Administrathm’s view is 
that negotiations with the guei> 
xillas now would pre<«mpt the 
“democratic process" ilS the 
Ma^ 2S elections. The State 
Department has also repeatedly 
said that tbe sperience of 
Nicaragua proves that any 
fom of coalition government 
-between “ Maisst—Lepinist ” 
guerrillas and lib^ ' fbrees 


eventually leads to a le£^wulg 
dictatorship. . 

The congressional delegation 
will seek to assess tiie strategic 
importance of the El SalvadK' 
war for U.S. interests -and the 
human i^ts situation tiieie. 
The arraingment of sSk former 
members of the security- forces- 
this we^ for the rape and 
nnirder of four UJ.- mission-. 
anes in S Salvador in 1980 has 
not succeeded in allaying U.S. 
fears ^ut the influence ' of 
right-wing extremists in the 
Duarte government. 

Relatives of the murdered 
missionaries have said that 
there is evidence the killings 
were ordered by a - wealthy 
Salvadoiiaa ri^tist who re- 
garded the women as . “sub- 
versives.” 


French rockets for Nicar^a 


BY DAVID HOUSEGO (N PARIS 

FRANCE is to deliver 7,000 
rockets to Nicaragua as part 
of the recently announced con- 
: troversial arms deal. 

M Charles Hemu, French 
Minister, for Defence, said yes- 
: terday, that the contract also 
L provided for 100 rocket 
launchers, two helicopters, two 
patrol boats and 45 lorries. 

He insisted that none of the 
weapons were of an offensive 
nature or for use 1^ guerrilla 
fighters. He also said that the 
j contract . stipulated that the 
I rocket launchers could not he ] 
I fitted to Soviet aircraft ] 


Tbe IT.S. has been con- 
cerned about French support 
for ' the left-wing Sandinista 
government in Nicaragua and 
the posribility that tbe weapons 
could find their way to gueniUa 
movements in El Salvador. 

M Henm said the deal fell 
within the new French aims 
sales policy of providing 
assistance for countries friendly 
with France which wanted to 
avoid dependence on - one or 
other of the major power blocs. 

He said that Mr Alexander 
Haig, U.S. Secretary of State, 
bad described the contract to 


M Chiude -.-Gbeysson, French 
Foreign Blinist^, as *^eanuts." 

■M Heenu, who also had talks 
in Paris this'we^ with M Hans 
Apel, the 'West German Defence 
Minister, said the contentious 
issue . o£ Franco-German • co- 
operation over the building of 
a new tank that would come 
into service in. the 1990s had. 
been referred as a political mat- 
ter -to Ghancellor Schmidt The 
French expect It to -be raised 
by the two heads of- Govern- 
ment during the Franco-Ger- 
man summit at the end of this 
month. 


Surinam democracy date set 


-BY CHARLES BATO^LOR-IN AMSTERDAM 


THE LEADEIR of the military 
council in Surinam, the former 
Dutch coh>ny in South. America, 
has said that the country should 
have a new civilian Government 
by iDidrMarcb. 

The fiv&man miRtary council, ' 
whicffTtasTfeld supreme 'power 
since February 1980, resumed 
direct control of the Govern- 
ment last week, forcing the 
civilian administration of Presi- 
dent Henk Chin-a-Sen out of 
office. 

Lt-Col Desi Bouteise. leader 
of the military council, has 
announced the formation of 


three special commissions. 
These will draw up a Govern- 
ment. pxpgramme, . advise' . on 
admiiiistititive reforms and pre- 
-pare the wav for a new demo-^ 
cratie constitution — ^the is^'e 
that brought down the conserva- 
tive Government of Mr Chin-a- 
Sen. 

On the basis of tfarir reports, 
a new government will be 
chosen and sworn in on March 
15, he said in a television 
address. 

It is unclear whether the new - 
administration will include 
military representatives, ' but it 


is likely to have members of 
the so-called revolutionary 
front..- according to reports 
reaching tiie -Netherlands. Tbe 
front is composed of ll pro-' 
gressive groups. Dncludiz^ trade 
unions, stufimt 'oiga^ations 
and a 'number of small political 
parties. 

Tbe draft constitution under 
discussion viien 'the military 
took over power on February 4 
provided for a directly-elected 
president with tbe power to 
appoint and dismiss govern- 
ments. The army would have 
had a purely advismy role. 


Shell’s prospects in Belridge lifted 


BY HAY DAFTHl IN LOS AHGB£S 


shell OIL’S $4.75bn (£2.54bn) 
irtvestment in Califarnia’s 
Belridg? oilfield could weU. yirid 
Ibo- barrels of recoverable nil 
and gas — 54 per cent more timn - 
offidal estimates — according Jo 
a senior company official. 

Mr Bob Sprague, pretident of 
Kemridge Oil. the Shell sub- 
sidiary whidh operates Belridge, 
said there was a “ good chance ” 
that tbe output of oil and gas 
would eventually reach the 
equivalent of a billion bairels. 
“We haven’t figured out bow 
yet, so we are not countii^ our 
chickens. But the field is res- 
ponding magnificently — those 
wells are rocking along great.” 


Many in the industry ridiculed 
Shell when, in 1979, It paid 
SS.65bn for Belrldite Oil's 
interest The {mrcham price 
was almost $lbn more than tbe 
second offer. Since the 

purchase. Shell has committed 
itself to spending a further 
Si.ibn on ne*^oratidR the field 
wi^h thoiTsancis of wells. 

Since the takeover, the com- 
paziy has boosted pFoduction 
from abotit 40.000 barrels a day 
to over 70,000. By the end of 
this year, output should be 
approaching 80,000 barrels a day 
and by the mid 1980s over 
100.000. 

Most of tiie production is 


coming from a reseprolr of 
thick, sticky oil which is being 
teased out of the ground by 
Injected steam... One band of 
oil is ; used ^to create the steam 
necesEsary to yiold three barrels 
of crude.' But Shell is confi- 
dent that the technique will 
ultimately recover over 60 per 
ceoir of the original oil in the 
reservoir, a recovery efficiency 
which would be about, twice the 
current industry average. 

Shell Oil, like a number of 
major II,S. oil companies is 
now increasingly employing 
novel production techniques to 
extract hard to get oil. 


Fed plans ta stic^ aga^t mflation 


BY DAVID LASCELieS IN NEW YORK 


MR PAUL VOLCRER, the diair- 
man of the U.S. Federal 
Reserve Board yesterday re- 
iterated the Fed’s determination 
to fight against infiation. 

On the second day of hear- 
ings on monetary policy, Mr 
'Volcker reputed to the Sraate 
'Ae message he gave the House 
of R^resentatives on Wednes- 
day. The basic rim of moneta^ 
policy will continue to restrict 
the supply of money and credit 
though the Fed wiD be slightly 
more flexible in the months 
aliead because oi the erratic be- 
havio^lr of the money sui^ly. '. . 

He also repeated warnings 
that the Reagan administration’s 
budget deficit poses a threat to 


the country’s economic health, 
though be refused to be drawn, 
into outright criticism of the 
White House. 

Mr Voldterb message this 
week does, however, point to a 
slight softmiing which could re- 
move some of the uncertainty on 
Wall Street about Fed policy, 
and ease the uxiward pressure 
on interest rates. Because of 
thi58 , the STianffiai have 

responded quite favourably to 
Mr Volckerts remarks. • • 

■ While Sticking to ' Its basic 
growth -targets for Ml this year 
of 2.S-5.5 per cent. the.Fed vtiU 
allow Ml to run higher than that 
in tbe first half of tiie year. The 
guideline vriU be .a 4 per cent 


rate of growth from the mini- 
mum level Ml was supposed to 
reach last year, though it fell 
well short This should bring 
Ml back within the target 
range by the end of the year. 

BEr 'Volcker justified this on 
the grounds that Ml grew too 
slowly last year, but is now 
showhig a tendency to grow too 
fast In effect the 4 per cent 
line marim an attempt to “ rein 
in " the money siy^Iy gradually 
without administering shocks to 
the financial markets. 

However, the Fed's tactics are 
also widely viewed as a conces- 
sion to the Administration, 
'Which wants faster monetary 
growth 


ULS.M1 


4CI - GtvwOiRate.O 

Ssl I 




rumuiiBj 

iWdfrwTiwIWi hw^riecounti 


beads for 
hard times 

■ By William ChirielA recendy 
’ bi W^iflgeon 

AFTER A year in which 
Wffihixigton ' and lilexico' have 
brushed their differences under 
the carpet for fear of spuilins 
tbe new-found filendsIuF, 
several major proUems'are how 

emer ging . ■ ' 

In particuliu: the two coun- 
tries disagree over Merican 
migration to the U.S., trade, 
and the civil war in El Salvador. 

■ This is at a time when Presi- 
dent Ronald Reagan has gone 
out Of his way to court Mexico, 
which supplies the U.S. with 5 
per cent of its oil needs— about 

550.000 barrels a' day — and has 
the potential to provide a lot 
more if rtepdred. 

Mexico is also its northern 
neighbour's third-largest trad- 
ing partner. U.5. investment 
in Mexico is about |7bn 
(£3.8bn). 

St Lopez Fortillo, tbe Mexican 
President,, and Mr Reagan have 
become personal friends over 
the past year. “ Re^an speal« 
more to Lopez Portillo than he 
does • to any other leader," 
claims a senior U.S. ofiSceaL 

This relationship is under- 
lined by Mr Reagan's derision 
to attend last year’s North-Sonth 
summit in Cancun against most 
of his 'White House advisers’ 
wish^ 

Despite their personal friend- 
ship these problems have not 
disappeared. The most sensitive 
of these concerns the 3m 
Mexicans 'who live illegally In 
the U.S. and the hun^eds of 
thousands who cross the border 
each year in search of wozk. 

A proposed guest worker pro^- 
gramme is expected to go be- 
fore the U.S. Congress soon, to 
allow ' a limited number of 
. Mexicans to .work legally in the 
U.S. and protect them from 
-being exploited by employers. 

But tbe.triri- programme, if 
approved, would only rilow 

100.000 Mexicans to woik in the 
U.S. over a two year period. This 
is far less than Mexico’s 
estimate of tbe 300,000-^,000 
of its citizens who emigrate to 
the U.S. each year. 

Mesco fears that if surii a 
programme comes, into force, the 
U.S. will police . the frontier 
more vigorousLv to reduce tbe 
flow of illega-1 aliens. 

The programme could also 
include sanctions for the first 
time against U.S. employers who 
rive work to undocomented 
BTextean workers. This emtid 
result in a partial closure' ' of ; 
what Mexico calls its “safety 
valve *’ for maior social unrest 
• Mexico cannot pi^uee 
encNigh for its f^-e^>and- 
ing Dopuletlon. If It were not 
for the proximitv of the U.S. and 
the eagenxess of U.S. employers 
tn hi<Fe cheao labour, unemplo.r- 
ment wonld have ' reached 
tinmanageable proportions in 
Mexico. 

The human tide n£ Mexicans 
flowing Into the U.S. can never 
he halted unless a “ Berlin 
Wall " type solution is Imposed, 
which apart from being 
impractical would hardly make 
for good relations. At the same 
time, the U.S. must do some- 
thing to flmit tbe problem, p^- 
ticularly at a time when its 
economy ' is in recession :*' 

Ironically, tiie most sensitive 
point at the moment is not a 
bllatwal issue, but the conflict 
of views over the civil war in ; 
El Salvador, .where the U.S. j 
backs the right-wing Junta, j 
while Mexico supports the left-.: 
vring rebels firiiting to topple U. 

Mexico wants a negotiated ' 
poUticai settiemerrt, while iVash- i 
ington wants elections rn Martrh, I 
in the middle of anarchy. How- ' 
ever, the fact that the U.S. and ' 
Mexico have “ agreed to disa- : 
gree” speaks for the maturity 
of their new relationsMp. j 

Nerartheless, Mexico's denun- | 
elation ' of UE. Central 
American policy wrankles in 
Washington. Some senior State 
Department officials argue that 
eventually the fundamental | 
differences over El Salvador , 
could cause the bilateral 
relationship to deteriorate. 


ban on South AM(^ ^ade 


BY CHARIB BklCtmJOR W AMSTBIDAM 


tee dutch Govemmezit has 
appealed to the country's -busi- 
nessmen to apply a voloiitary 
ban on trading itnk« with South 
Africa. ■ - ' . ' 

A voluntary embar^ -1s 'SU 
that can be achieved given tbe 
legal procedures necessary to 
impose a coihpuboiy boycott, 
Mr Max van der Stbel, the 
.Foreign Minister, told I^lia- 
ment s , 

The government wants Dutch 
companies to cMse,.riQ)plying 
South Africa with 'oil; to stop 
importing ^uth African com 
and to make no more invest- 
ments in that country. *'pie 
main employers* or^misation, 
the Netherlands’ Inffiistiy Fed- 
eration (VNO),sridu could not 
comment until it received the 
details-- of the ministers* pro- 
posals, asnooziced Jate on Wed- 
nesday. 

The Government is prepared 
to take account of justified ob- 
jections from ' the business 
; community but beeves it can 
count on its support, Mr van 
der Steel said. Prominent anti- 
apvtheid. groups reacted with 
sceptirism, -however; 

previous two Dutch Gov- 
ernments have been 'onder pres- 
sure from Parliament to im- 
pose curbs on trading links wite 
South Africa since a. majority 
of MPs voted in Juner-1980, for 


an' oi^ embargOL- Att^pts:.:1x) 
gain support from-'Othtt EEC 
countries and from Belgium and 
Luxembourg have failed, how.- 
ever. - 

Mr-van der, Stod .said, he-; 
hd^ 

replaced ' 

soon. In tinr;aBSOTce-^of .a bm.dr ^ 
mg rifling from the UN of-, sup-.* . 
pert from ' the EEC of' -the - 
Netheriands B^elux partne^- 
the Govefrimefflt-'cafi-^^'iib^ fut 
ther tban '.'anLhppe^.'far^ wlmi' 
tar iction.* ' ;..s . ^ ... 

Benelux ':U»ii«' ’treaty, 
prevents the' Netherlands from,:,' 
acting alone because General,' 
Agre^eat on Tariffs and Trade. 
(GATT) rnl&iTuake un^tm . 
action * in t^^e matters . dif^-: 
cult; Bilat^- tradiDg. treat^ 
with South' Africa— including ^ 
one HatingAom the-^930s 
ferringrinost favoUieff natioai'- 
5teta^7«d^,hava,tQ hei,:can-. 
c^ed. ; . 

According to the Amsterdamr 
based. . Shipping .ilese£mcb - 
BnieaiL whirii. is suppOTted. by/ 

two major anti-apartheid grau^'. 

the Netherlands :is ' inyolved in 
the supply of. SO per cent- of 
South Mncei's oiL-.Rbyal Dutch 
Shell and .the Tfansworid /oSL 
group . ship ' mudi... of the .-,oiI; 
-while'’ Rotterdam ;is.. a-.xnajor 
transhipment, pprt 

The Netheriands ' - jmportra 




Max vah;dGr 
velhiitiay r^bai^ - ' 

Afstean 

.coal hx,lS80-^4 per cent.bit its 
tetid . i, r^inreanent . . though 
-Chmre.waa a fall Jn ifiSL 
How^r, ..D'u^:-:OQal -tradnig 
oomiuu^^ .! accqi^ . - . 

;than' mterthvdUof .ak 
ports df . iSoitih! .Ahtem- -.coal, 
Duh^i ;:.aBt3sapartheid.-' .groups 
.ciahiL- V. ' • 


British Shipbuilders may 
win £25m export order : 

BY ANDREW FlSHBt. SHIPPING COIU^FONDENT . - 


BRITISH SHIPBUILDERS looks 
likely -to win a further export 
Older from a S<andinavian 
owner which could be worth 
around £25 ql 

The owner, with Norwegian 
links, is believed to be ready to 
order a 27,000 dead'weigM tonne 
general pilose cargo ship from 
the Swan Hunter yard on the 
Tyne.. 

Also under disenssibn te a 
possible option for :a second 
such ship whi^ could make the 
order -'worth an- eventual £50m. 

Tbe order would represent 
one of - 'tiie most sophisticated 
merchant vessels ordered on the 
Tyne for some years, being 
able to carry a wide range of 
cargoes and containers. . 

^ has won a. .variety of 


foreign -ordets w: recent months 
and is keen to - gain asr biany* 
more posrible^at a timewhen 
cuts - in .XIR- defeaice - pending 
threaten several thousand jobs 
bn -its warritip side, - >.]. ■. ; 

e Continuing .tite'-trendofimajot’^ 
container; .^p orders' gd^ te; 
South - . Korea . ' ArthiR:';;>-i4bair 
Japan^ .where pric^nre.hlriier:- 
and_ quoted .jn yen'xafher'.tiian' 
in. dollars, Hyundal.ds -to. build 
three vessels wortix some- 8200nf- 
for the Barber Blne'SriiL cosspr- 
JiunL-. • 

Barber Blue Sea^' 'whidi in^ 
riudes , Ocean Tran^oct .-.azid' 
Trading 6i the UK, has' signed. 
a letted of .intehtlwith : the 
l^rean' ^oup the' large; 
ron-on ToU-off container ships: 
wltiL ofpttens for a further 'fouri; 


Russia signs tai^ertteSh 

BYOAVlDjbktlER IN *^OW v j.j-> ^ ; 

THE SOVICT UWIOW has built ves«Is ffw S(Wet- 
signed ccmtracts worth , $500m Uidon to ihe pesL t • 

(£263m) wiih three Yugoslav Tass.also srid f'l^tMOj was 
shipyards for the ddliveiy of- signed by Sudoiniport 
15 tankers witii a deadweight shipyards to. .provide- Tor:, the:; 
tenoage of 16,400 and 3 crane defivery of -10^ passenger stripfe^' 


ships, the Soviet news agency 
Tass said yesterday. 


Soviet qrdezs .with-.shipyards 
.in Yugi»lam''iirill .;-^ . about- 


The Soviet trade organisa-. ooe-thlrd .'. higher, in .1981^ 
tion, Sudoimport, signed the than . in -'tiie -previbos , fiv.^year. 
contracts with tbe Splits Tretl period, Tass said..- The, tankois: 
Mai and Titovo Brodogradiliste end . crane ships, aro to .be j 
shii^ards, all of which have deliver^ in 198^5.^ - -i 


• Gb^&^Tor 
;:en^^-?contract 

' By. Ri(teidC(wn>*fbi.'Jriarta 

:'44£k}NE^:'' : yestnday ini- 
jd^ed .iB; first sates contract 
and pro- 

' .-^tioxLol'gMtfaermal energy, 
-ibe 'de^'wasjp^ p]^ a package 
of ft^tra e u r. between 

.'rtaterowned 
foreign 

'7--off'(».DU)iui|es^ 
-^'^ami^pTpdurtiom'Tbe- deals 
’ ''couid'-'ite'.wbr^^ more than 

• Bite (£526iri); ; . 

'Peitamixia’s 'aiiL and;gas ptoduc- 

• ‘ tion ' sbaii:^ ■ eontrects' with 
'' r five 'terri^Vm! companies, 
.^ covered, five ' bTo(& over 
-iV79,0Q0 squ^jalometres. The. 
' -potehti^ yaine br the deal is 
'■ .-■94S5xa.-''V."- v - 
iPertmniza-’Risb'rigned 

V -tri^ with 'Union .Oil of . the 
‘ explore 'and.'devpIop 

, Dr ~-Sgbrot0f_ 'Z ad<mesia’s 
T^-^TMlaiSfcr ibr7n»ltines and 
. .EzM^. ’-^d>tbe contracts 
!>:iath.ti^ix;'couidd^ to the 
:;XrifiUifrllcfion -df e $500m geo- 
j /.-thero^ai ; powe^. plant with a 
mW. 

.The Ualoe^coi^jncts-^caU for a 
fiveyear: pro- 

. groinidb-''^ 42- 

montii.de^opment. -effort in 
: a’ 10,000 acres .hlock'south of 
•' 'Jatouta..'^-'-., 

' In -tiidfiist five years Pertamina 
. . that Union -is expected 
to-, spend. at -.least ;.$20m on 
. .exploration ;and development. 

- -niis does' zMtj-incIude tbe 
' setting .UP: oftA-pdwer .plant 


U.S. trade eaU tuni^^^d^ 


BY-BRIJ-XHlNDAfaA.IN GENEVA 


THE' -EUROPEAN - Community 
has turned down- a UE. demand 
for - an early 'rtairt to negoti- 
ations for an' intenatioual 
•agreement regulating trade in 
services, . includii^ banking, 
insurance and civil aviation 
services, and access to computer 
data banks. 

At meetings in Geneva of 
CG-18 a group of 18 members 
of the General Agreement on 
Tariffs and Trade (Gatt). the 
Community said it is not yet 
convinced of the Immediate 
need for an accord. 

However, it is willins to study 
seriously tnde problems in 
services to try to pave the 'way 
for negotiations when “ all the 
facts are known.” 

The Community’s coolness 


towards UE.- views 'was seen as. 
a -further widen2pg.of;Xr.S>-l^C ' 
differences follovdng : abortive 
talks' in 'Washington .last weefe- 
between • Mr 'Wilhelm • Haf er^ . 

, kainp^ EEC vice-president for': 
external relations, and Mr 
WUliam Brodc of .the UE.: A 
senior EEC official wbo came to 
Geneva directly from. ; the 
Washingten meetings -described 
EEOU.S. differences as - “ a 
difficult patefa, but no ' trade ' 
war.”. ■ 

GG-18 is< Gattis most''ifiT. 
fltieiitial policynnakhig ; forum. 
It includes both devri^ed 
developing- couatrto. -Who 'meet-'- 
iiffonnally outside Gatt aegis, 
but tiieir de<^ohs - usu^y- 
become.Gah policy.' - 
This wee^ - GG-lB ' tkiks' 


.■centred oii...^bpkiatioDk fbr .'a 
mimsterial-level . conference, to 
be. called by ^sti. in Noveniher 
to' discuss . problems - in .' mte^ 
AatiODai trade and to inap 
pattenis'of -world trade regular 
tioh for the -rest of. this decide. . 
■ -The : last -suefa- coaferedee 
took .ifiace in .1972--acd led-^te 
-the Tokyo Round trade pa^ge 
- of tariff- and :Uon-tariff 'barrier 
GuU-emnpteted-iri 1979; .- '-.' i: 

' AU : paitlc^nts: Jagree!, ' that 
:>this 'yearis •conference \i^. n6t 
'lead : .to , -any major . -round -of 
oesotiatidiis. '. 

Tlte -Comihunity. will sMk a 
; strong - Biiatsteri^- declaration 
protectionism in trade 
;.ani9 ^tne “pxac^cal.. measures’’ 
.*<0 ..impFo^ the-*'fuik:ti^^ of 
agreements:.-. ' 


Export finistrations lead bellicose Washington on to tee trade W 


By PAUL OtEBSERIGHT, WORLD TRADE EDITOR 


“THANK YOU for smoking” 
said the rign on tiie receptiou- 
istis desk outside tte office of 
Representative Stephen Neal^ 
a gentie remhtder that tbe coo-‘ 
gressman is doii^ his best for 
his constituents in tiie.'tobacco- 
produring state of -North 
Carolina. 

But as far as trade udtii Japm 
Ls concerned, Mr Neal’s best is 
not enou^ He shares his con- 
stituents’ d^ frustration with 
Jaipan and its trading policies, 
whute is tbreotening to lead 
to fundamental shifite- in 
UE. trading policy, and to a 
dangerous period for tbe world 
trading system. 

Mr Neal’s proposal year 
that Japan ahonfd pay- the U.S. 
a naiioaal security tax of about 
$20bn ' (£10.7bn) anou^, 
whi^ made him a Japanese 
•tedevdsion-peisoaalily, embraced 
the vfeding that. Japan -has 
elisribed to pnq)eril7 on the 
back of U.S. efforts. ^ view of 
the way Japan handles' tobacco 
imports, tbe subject'be loraws 
best, embraces pefception 
that wfaHe tbe U.S. marlcet is 
open to Japanese piodw;ts,-.tite 
Japanese put baxrieis io- the way 
of U.S. skes. This idtows how^ 
trade fias become-»-ix^ti^- 
issue. 

— “Wbesever our tobacco manu- 
factiires can compete m open 


markets tiiey end up with 10 to 
15 per .cent' of the . niarkeL In 
Japmi, .th^ limit . the sales, 
they a dmiitis ler tiie price of the 
U.S. tobacco product — they set 
it way higher than dome^c pro- 
<^ots. Iben they say U.S, cigu- 
ettes cannot be advezitised in 
Ja^ieoese, That’s like saying they 
cim advertise^Datsun here 
in Japanese. Then they say you 
can only sell through a Umited 
number of outlets," (umplassed 
Mr Neal. 

Similar tales are repeated in 
other sectors, such .as be^, 
citrus products, computers and 
telecommunications. At -the 
same time. Japanese sales are 
believed to hurting sections 
of U!s. industry, like cars, 
steel And ~eleCtzonifi.. 

The result is that the- general 
frustratioB— -rofiecting Japan's 
rising trade surplus with tbe 
UEl7-4s ■ bolstered by specific 
complaints. The tide of dis- 
satisfaction tbus-moves-alo^ 
inti) an. outright condemnatiou 
of -Japan’s— -wnperting- and 
exporting policy. 

“We have a ri^t to some 
industry too,” ^d a union 
official, nmidfiil of the r^es- 
Sion and 'tiie competitiveness of 
-Japanese sales. 

“ When Japan's infant indus- 
tries are sfruggQng, they' shut - 
the door, and then they're 


unhappy when others shut tiie 
door on them. We have a one- 
way free trade poUcy,” azgaed 
an Influential congressional 
aide. 

Trade with Japan, then, is 
a wide problem which needs a 
wide response. In that sense it 
is different from U.S. trade 
relations 'with the EEC where, 
said a trade official, “ there are 
.series of specific issues which 
are of strong interest to the 
private sector and Congress.” 
These issues are steel — now 
the subjert of investigation to 
see whether antidumping 
duties will be imposed -7- EEC 
agricultural exports — again 
the-subject of ^dfic investi- 
gations to see whether there 
should be retaliation for unfair 
trading — the cnirentiy sleep- 
ing. problten- -of —subsidise 
expi^ cr^ts and sanctions 
policy againsrtthe' Soviet Union, 
“ ‘You have pressures building 
iqrSn.'a narrow^ context There 
is the general malaise — that’s 
Japan' and to a lesser extent 
Canada (a reference to a r^ 
ning dilute about Canatean 
' energy and investment policy). 

' Now all of this is converging on 
the public policy agenda. We’re 
iQ -a recession and tiiero's a 
Congress 'with little to do' — a 
component of "it is up for re-' 
election,” said tbe trade offiaah 


This convergence means that 
two trends which have been 
emerging for some time have 
become more sharply focused 
in tiieir impact The first trend 
is the growing importance of 
trade to the U.S. economy — 
one job out of four, depends on 


U5. TRADE DEncrr WITH 


JAPAN 


545 

2A7 

1.9 

14 

Source: GATT, I973-7S80 


it according to some estimates. 
Tbe second is the diffusion of 
power in Congress taking in- 
fluence away from the 
specialised trade sub-commit- 
tee. 

Trade has come out of the 
shadows and into tbe political 
'tight “ Any congressman with 
an import or e^iort sensitive 
industry is compelled by 
political self-interest to develop 
an interest. $0 trade initiatives 
have started cropping up. They 


no longer defer to the trade 
sub-committees. So we don’t 
know where the trade legisla- 
tion is going to come froi^” 
said an Administration official 
Who deals with Congress. 

The result is that Congress’s 
constitutional power “ to lay and 
collect taxes,-duties, imposts and 
exercises ... to regulate com- 
merce with foreign nations ” has 
become more difficult to predict 
in its exercise. 

“There are only about two. 
dozen people in Congress who 
care about trade policy and 
theory. Virtually everybody 
else approaches it on local, poli- 
tical grounds. There hasn’t 
been an effort to build a coali- 
tion on trade issues for a long 
time. The cars issue last year 
(when some in Congress wanted 
restrictions on Japanese car im- 
ports)— that never came to a 
vote. Congress Is expert at 
generating heat,” said . one. 
member of staff. 

The heat now is fuelled by 
the basic political reaction that 
no votes are ever won by 
acquiescing in the loss of jobs, 
it js a more powerful and Im- 
mediate response than a re- 
statement of the principles of 
open trade, with which U.S. 
rhetoric has been traditional 
associated up until now. 

Thus, on a recent Administra- 


tion count, there were at least 
14 bills in Congress which had 
within them a protectionist ele- 
ment. Hence the emergence of 
” reciproci^ ” as a slogan 
widely circ ulating as a cony>re- 
bensive remedy. 

At one level recteroeity fits 
neatly into the basic principle 
of tee General Agrertuebt on 
Tariffs and Trade (Gatt), the 
basis of the open trading sys- 
tem. This holds that all coun- 
tries grant one another equal 
treatment and -that no country 
is given a special advantage in' 
the market of another. In other, 
words, everybody benefits from 
what everybody else is doing. ' 
^ But at anotl^ level redpnK 
city means that if one natitm 
dote not lowte-.its 'bakers tt». 
trade, the U.S.' will raise its 
own. In .this sense it could 
mean that.if Japan refuses UE. 
beef, ..the U.& wiH -refiise 
Japanese semi-conductors. 

The notion of cedioo^ty, 
however,. is not new. The UE. 
Trade Act of 1974 empowered 
tiie President to negotiate tz^ 
agreements to assure reciprocal 
trade benefits and in particizlm: 
fair treatment and equitiMe 
market .acces fOr U.S. te:ports. 
Tben, the Senate Finance Com-' 
.mittee' said: "The U.S. riKmld' 
not ^nt CMicesribas to'lcous- 
iries which are not willing to 


offer substantial ' • eqitivalent 
competitive opportunities ■ for' - 
the products of tbe.U.S. in their, 
market- ae- we 'offer' their pro- . 
ducts, in our market-’i 
If-there is-a middle definition, . 
.it is tbaf -frtHB tiie Senate:- -But ;, 
the tone of the presiAit 
in the U;S,'.$i^' the idea of 
redppodty .a harder- edge: , 
Specifically, l£.tee;Tril-dbe$:B04 
f^l Japan -makes 
progress in dismarttlingits’-baar' 
riera so that- tee d^eit ' 
may be redutefiteMirtailiatioD'. 
'will-be-fortheomin&' '• ■ ■ - - 

' The 'extieasid& of 'such n’- pro^ ' 
oete WMild jhean.' that 
wo(^ " condnet ' its ; pbUesj:^ ' not ' 
on . a. .'hiultnatetal.-''-lte&. ,4n ' 
accordanbe with; Gait pi^dp^r - 
bat on a-'I^]MeEaJ:l>asis..':“.It,- 
would' not' Tie ■ Igng,-^. .M* 
Allan . ' 

Ambasradorin the'Ui^>*hef8ce':i! 
we tefreated. 

Greet ."phej : 

tiling is mt^atimnd ' -' 

trade' shrihlri^ we alLbe- 
tbe losejs.";. j V.vV’';v 
'.Already the pria^le 
prodty:-iblQzig.'a . Itfdk : 
degr^ of *..U;S.V 
for^jn ma!;^rt;.;a6j'a;.'c 

been 'adopted' in. bills 

with deal^ '^ih. -teieconunnnlr'.' , 


dfttions, buses and services. .Ttfls, 

- hi tee view of triti^; o^ias the 
ppsidMlity 'of . U.S. re^atery 

. ' wagi^ - their ' Jiym 

' private' trade 

Mr Lionel; 

Undfr- Sectary for '4. Istex^ 

- national Trade at tii)e fknnifieree 

'. is no Administration poatfop-oB . 
• tedi^roeity. hh 

-'‘New' app^ctate.i^o^ pxob- 
'items/are .'oecess^.’’' As 'anr' 
other : trade :official pn,f ^ 1£ 

others are- not wfll&g to take 
-ra^iinabtihyrnmyite have 

’own W&SBf :if ’ 

- the.4&nlhlstzatii» ■dote n^-IOel . 

way 

.and tee' next six 

■; 

aa'^jSdinhiEstca -whidii^has'. 

r irih^g . 

■ e^t^-^nnss 

7 vite; e!x£^^ - 

beeame'ranbo^tf.'atiif^ it'feols '■ 


h 


: jig; enhanced 




VO- • >. *" 

V'' •* ’ ' • 













12 1982 



^-•- • -' 
'Jv'^ -.: 


Assad 


U - r ■^■- 




;"-7^Ni 

-■ - -;:Sl55 

"r:r-vrs* 


/-~11TErlJPiUSlNG iit northern 

. '■-..witli repom t&at'jhlutary unlts 

..-.luiTe.ioined.-'the.in'bels, is the 
' ; jmt^^i&reaf the re- 

‘"i - gfme ■ of , : Hafe . al- 

^ Aisad '^n^ lie took power 12 
• ^;.je^ago.:y:',.^/; 

V'- V'Ks Go^erzuneht and tKeirul- 
■^vi^’;Bfiath::party^;t^ alwaTs 
:::hi^.';piowrwaTy ;6f the: two 
^*JbirtRts ‘tolli posed, by the army- 
>- nd^vfundaaientalist isiam, sq 
" i .^;.-^lJJOOOL /dan^rs have re- 
".separate. . But the 
' :iA|(^ale~azTMt: of conspiratdn 
■■■7- ^iQv^Varmed forces ia January. 
' '''Slid; tte'TebeUton.' in -Hama may 
,'iaiUcate ' that .they., are coining 
fogettesr.- ;- 

. . .Pbr, the. past three years. re> 

' , .he^i^'lies simmered in Syria’s 
Doxthern ' cities, notably in 
.'Aleppo, Hama and Homs. In 
' Qoie' incident' in June 1979, 32 
" miiita^ ■ cadets . were gunned 
"idown in: Aleppo by extremist 
: - . Moslem^Brotherhood guerrillas. ' 
.•..-.Thereafter, the Government 
.'^mckei^.'doirii on -them rnth- 
'les^y. in. spite of an assassina- 
' tion .campaign against nflSHyTg 
and.3aath party members'. 

The conflict is heavily in- 
fluenced by the settarian divi- 
sions within Syrian Mr Asrad 
and leading members .of the re- 
gime come from' the Alawi sect, 
which ‘ .dominates' the senior 
Tanks 'of the army. Baath party 
;>nd the security services. But 
' th? .Alawi -only make*up about 
'*2 p.er cent of the pop^ation, 
compared, to the 69 per cent 
■vho belong to the orthodox 
S»«.nni sect The Moslem 
. .^"oprerhopd have continually 
. ' rti^aslsM sectarian animosi- 

, - By the ' beginning of last 
year, the' XSovemment seemed 
. ‘ to have^pt the Moslem Brother- 
, hood, under control,' but over 
the last, six months tbm 
' have been a series of major 
bomb explosions in Damascus, 
the last of which left more than 
. . 100 -dead. 

To try to safeguard offiftaig 
and puUie buildings, the 
streets of the Syriu capital 
are now filled with troops of 
the reginm’s praetorian guard, 

. the Spec^ Defence Brigades, 
dressed in', their distinctive 
brick red ;aitd. green camni»fl<K r p 
uniforms. . ... 

But ttffi loyalty of the army 


^Sovtet ^ 
Union 


for Chad civil war 


V i 

1 ilOji 


0 ■ " JT Otm POS8GN OTAFF 

TBB , : ORGANISATION of 
■AMftt Unity COAU) has pro 
pbsed^a thiee-phase'cettlenient 
to tte. cavil war in CSi^, 
cnlnynatfng in the withdrawal 
of the organisation’s peace- 
keeping iMce on June 90. 

The proposal came at' the end 
of. a two-day meeting In tiie 
Kenyan caipi'^ Nauobi, of the 
13-meoiber OAU standing com-' 
msitee da Chad. 

But tiiere was no immetRate 
rtapoDse from the- copTrtr y s 
leader. Resident .Goukoou 
Oiieddeii who had- challenged 
the right of' certain OAU mem- 
h«8 .to discuss Cbnl’e 
affaiis.- 

. The f^hxfion calls for a 
ce^efire on FObniary 28, 
preridential Sections in May or 
•June, and 'the .wsthdrawal of the 
SJlObfitroag OAU peacekeeping 
. force on. June 30. . . . 

. Negotiathm bmween ' rival 
-forces, -including tbose led by 
ibe ex-d^ttice Minister, Hissene 
Habre, are supposed to begin on 
-March 15: . 

Tiim issues- appear to have 
'bem^^ behind the' settlement 
plan: 


Hie Semati govenzment of 
Prerident Mohammed Siad • 
Baire, ui ally of the U.S. ia 
tiite volatile Horn of Africa, 
has crushed an army mutiny 
in the north of the coostiy 
after sevend days’ fighting, 
according to diplomats and 
SemaU dissidents, Renter 
reports from NainAL 


• The cost peacekeeping 
force sent to Chad last Decem- 
bm* to replace Liiiymi troops. 
This is put et 1163m (£90m) a 
year, beytmd the . resources of 
the OAU; 

• Fears that if no political 
solution is found, the under- 
manned OAU fbrce would be 
cau^t . up in the 20-year 
conflict. 

Unless Fx^dent Goukouoi 
and Mr Habie agree to the plan, 
it dearly has littie chance of 
success. .This 'would leave the 
OAU in the invidious position of 
cboodng betwem maintainuig 
an eq>ensiv5 and potentially 
daaigeroQs role, or withdrawing. 


l\ :ii u 


j^tralia’s overaJl 
pa^^ents deficit up 


BY PAimOA NEWBY IN CANBERRA 


AUSTRALIA’S balance of 
meats oonrinued to weakM last 
month, whh the over^ . defidt 
. for the' seven months to .Janua!^ 
• rinng fo ^l.Tlm (£lbiO* 
comp^O’M with ‘ A$L3ta in. 
Dec^ber, 

Mr Matcoha Fraser the Prime 
MJmster Mr John Howaad.' 
the Treaair^i’ have' rul^ ottt 
' devaluatioo, but they iam imder 
. pressure from exporters, notably 
. farmeirs and miners, wlio believe 
the Aus trsHan' ddllair*ir exchange 
- rate i$ too hig^. and is adverse^ 
affecting the -competitive posi-. 

tion of eJ^^rteis. 

The AqsbhilHn dollar, after 
rising rapidly by 10 -per ceot 
against, a -b^ket of 's^n. cim> 
rencses to the mid^e of 1981, 
has aUpped back in the past 
seven ' monOis, and 
observer, believe, it will 
oontimie to . decMne grad ually 
HTiffl the middle of this yesr. 

Thc ASLTbn deficit revved 
yesterday by llie BoreM of 
Statistics c«op«’es 'with • a 
surplus of A$29to for the seven 
months to' Jmiuary. 1981. 
Austinlia's fiscal year runs from 
1 to Ji^e 30. 

& the .seven- months to 
. January this year, the value <rf 
exports fell 3 per eat compared 
with the kme period the year 
^ore, main^ bemiuse of low 
comm^ty prices: The 'Value of 


wheat and sugar exports were 
both down SO p«r cent. 

Imports rose 16 per cent with 
significant, increases in macb-' 
ineiy. and- transport equipment 
(up 25 pv . cent) which is 
mainly attributable to the rapid 
expansion now imder way in 
the resources sector. 

When invisibles such as ship* 
ping and insurance are taken 
mto account, the current 
account deficit is just over 
, A$5bn compared with ,A$2.6bn 
for the saine period in 1981. 

Foreign investment is ruB' 
ning at about last year’s record 
levels. Net apparent capital in- 
flow, excluding . government 
borrowings, was A^bn. This is 
A^9m higher than . in the 
corresponding period ,'tiie year 
before. 

The Government will pro- 
bably resist a sudden devalua- 
tion because it is committed to 
control the inflation rate, which 
rose in the December quarter 
to an annual rate of lU per 
cent. 

Figures- released yesier^y 
show. uneiQployment has risen 
to 6.4 per cent., of the work- 
force. causing Mr Neil Brown, 
the Employment Minister, to 
warn that •A’ostralians were 
pri cing themselves out of jobs 
with recent high wage settle- 
ments. 


OVERSEAS NEWS 




1 . Jt 


A ra b f • I- 


is the crucial test for the 
regime. It was this which was 
put in^ doubt by the arrest and 
execution of officers in January. 
'H^th a total strength of 247,500 
men, the Syrian armed forces i 
include 140,000 conscripts. In 
spite of Alawi dominance, most ' 
soldiers are drawn from the 
Sunni comminity. The Govern- i 
ment has always been nervous I 
in the past in putting their I 
loyalty to the test by making I 
them fight in the streets against 
people of the same religion. 

^ w far, l!he fiitiiting in Syria 
in confined to Hama, according 
to offiaMs .in Washington, and 
the Government in Damneus 
wll seek to stop it spreading. 
Dissidents in eidle daim that 
the ndmth divisiCMi of tiie Syrian 
army, used as a rapid deploy- 
mat force, was moved to 
Aleppo at the end of January, 
that there has also bea 
ngbmng in Daraa in the south. 

Last year. Mr Assad wx able 
toshore up hds positka within 
by einphaasisg 
nataonaiUst credentials duziqg 
&e missile crisis in Lebanon. At 
the same time. be . attacked 
Jordan and Draq for supporting 
the Mosleni Bnitberbo^ aind 
rtrengtiiened his-rd^nos with 
both the Soviet Union and Iran. 

The fighting In Hama indi- 
cates that the Bnotherhood have I 
not been weakened. It is pos- 
siUe that the heavy hmidedness ' 
of the iegiffie^ rapression will 
lead to a -more general populm- 
revolL But tile ei 7 »aal test for 
both rebris and tiie Government. 
Is the attitude of the army. 


Deng ‘still 
holds all 
his posts’ 

China yesterday moved to 
dampen speculation about 
Vlce-Ghainnan Deng Xiaop- 
ing, 77, who has not been 
seen in public for a month, 
by saying he retrins all his 
posts, Reuter reports ftom 
Peki^ 

A Foreign Ministry official 
said Deng was still chairman 
. of the Communist Party Mili- 
tary Commission, as well as 
pi^ Tlee-C3iainnan and 
Chairman ot the Chinese 
People's Political Consulta- 
tive Conference. 

Call to free 1,000 

! ^ Egyptian conrl .has sos- 
i pended the late Presldeot 
Anwar • Sadat's emergency 
regulations of Seplember 5 
. last year, and called for the 
immediate release of over 
1,000 people still In deteo- 
tion. Our Cairo . Gorr^ 
j spondent reports. 

Tunis talks today 

Arab Foreign Ministers meet 
in Tunis today at Syria’s 
request, to discuss possible 
sanctions against Western 
states regarded a.s ha^g 
Implidty supported Israel’s 
annexation of the Syrian 
Golan Heights, Renter 
reports. 


Rick Wells in'KJiartblim describes th'e'dflemma facing Nimeiri dvef sepafatist tensions 

Tribal antagonism threatens Sudim’s stability 


THE FINEST achaevemeat of 
President Jaafar Nimeiri - of 
Sudan is always said to be the 
settlement in 1972 of the 17- 
year dvil war between the 
mainly Moriom north the 
non-MosIein south. But now, 
the stability of the southern 
reghm is threateoed by fierce 
antagonism over whether to 
divide iL 

The south is a vast area of 
forest, savann^ and swanq) 
arouad the Upper Nile, which 
in itself is larger than many 
African states. ' It has 
agricultural potential, but its. 
development is crippled by its 
remoteness from tite outside 
world and bad conumiDteations. 
Nevertheless it cannot be 
ignored. Just inside its border 
with the North lies fflueb of the 
oil recently discovmd in Sudan, 
on vdiieh ^e countzy's loag-terei 
ecottomic future is based. 
Renewed conflict In the south 
could be exploited by Sudan’s 
neighbouiu. such as Libya and 
Ethiopia. 

The south Is now split into 
two potentially hostile comps. 
Tribalira. as ever, is the root 
cause of the pnoblein. The 
I leader of the cause of divisian 
' is Hr Josec^ l^gu, former 
president of the semi-autom>- 
mous Hi^ Executive Couocal 
of the Southern Re^on, who 
feels strra^y titst a conspiracy 
of Diakas, the largeot and most 
powerful tribal grouping in the 
present region, was responsible 
for his fall from power in 1980. 
To break Dinka domanatioo. 


particularly of, the police aad 
administration, Hr Lsgu -wastB 
the creation of a separate region 
out of the two southonmosit 
provinces of Eastern and 
Wertera Equatoria. Mr Nimeiri, 
who is commltted'to decratraH- 
sation in the oorth, feels 
the same thing should hap p^ 
in the oouih. 

The debate over the issue 
became so heated last year that 
Mr Nimeiri banned it from 
public diseussioD. The regional 
government headed by Mr Abel 
.Mier. a Mnka and an old 
adversary of Mr Lagu. struggled 
to maintain credibility against a 
background of political quarrels 
and disasters, many of which 
had an 'underlyiog tribal cause. 

Violence-^provoked Iqr food 
shortages and drought-^roke 
out between some of the 40,000 
Ugandan immigrants now in the 
south and indigenous tribes, 
induding the Dinka. Non- 
payment of salaries to govern- 
mezK employees thro^hout the 
region for up to six months 
caused strikes and an outcry 
against nepotism ‘and conru> 
tion in the adminisimioa. 

The choice of tiie town of 
Kosti in the north, instead of 
Bentiu near the oilfields in the 
south as tiie site for Sudan’s 
new oil refinery caused violeDt 
ioddents. The southerners feit 
that they bad 'been dieated. 

To northern'politiciaDs. these 
were further reasons why the 
troublesome southern region — 
which also appeared to them to 
be resisting the Islamicisation 


.0 . mhm 4>D 


1 EG Y 



Presidahf Ntmeiri 


SJJ 




ZAIBE d) 


they desired— should be divided. 
This would make it more 
governable. It was also thought 
in Khartoum that Mr Aliers' 
administration was biased 
against dividing the south. 

Finally, in October, Mr 
Nimeiri dissolved the regional 
assembly and set up a six- 
month transitional government, 
headed by Major General 
Rassas. commander of ' the mili- 
tary staff college in Khartoum, 
who was -previously unheard of 
in southern politics. The 'body 
was to preside over new elee- 
tiCDs and a referendum on the 
issue of division. Opponents of 
the proposed division such as 
Mr Bona Halwal,' a former 
national Minister of Informa- 


tion, claim the methods being 
used to achieve it are un- 
constitutional. '*What in fact is 
being done,** he alleges, “is to 
weaken the south by removing 
the hard won politick, economic 
and security guarantees and 
subjecting tiie routh to laws 
that now goVm tiie northem 
regions." 

The arrest of 21 prominent 
southern politicians during the 
elections in December, follow- 
ipg the despatch of a dedara- 
tion to Mr Nimeiri which stated 
their aim of campaigning for 
the continued unity of tte 
southern region, intensified 
suspiciohs of the President’s 
Intentions. The politicians were 
accused of forming an illegal 


pditical party and a-wam pfmg 
R> procure funds fromnubyn. 
Twelve of them were relea^ 
fn . early January with no 
charges, but five, including Hr 
Clement Mboro and Mr Joseph 
. Oduho, await trial m 
Khartoum's Kober Prison. 

But in spite of accusations 
that the Ifi^naa adnumstra- 
tion of Mr Rassas is biased in 
favour of decentzaEsatibii, a 
degree of stability ‘-'has 
maintained ihrougbout fhe elec- 
tions for the naftional assembly. 

When the National Assenfiily 
Shortly, it vote on 
the proposed amendment of 'Qie 
Addis Ababa -Agreemmit oS 
1972, whiifii guarantees - the 
unity of the present aoiithem 
r^on. A thre^uazter majot^ 
in favour of amendment 
fied by a two-thirds majority in 
a Plebiscite in the south is 
raquiz^ before such a change 
may take place. 

However, it is also a prindple 
of the constitution ftat 
decentralisation should' be giran 
to any region which -asks for it 
Ultimately. If Mr Nimeiri fe^ 
that'Equatorians have a strong 
enough case for separation, he 
can grant iL 

Judging by the lack of 
achievement hy previous 
govenments of the south, tte 
problems of governing the 
whole region from Juba are 
enormous. Undoubtedly, the 
self-imerest of penonalities, 
parties and tribes is krrgely 
responsible for lack of develop- 
ment 


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Financial iiiiks 


UK NEWS 




e 

T-m 

dhl 


IJayere 


ssay isceiye 




By Robin Raul^ 


5ATE?AYERS !N the 
london borough of Lambeth 
wiU receive a cash refbad If 
the Coasen'ativcs are elected 
to cfhee in !^ay and the 
Co;ernmeot alters its aew 
legislcUon to make rate re- 
dactions legal. 

:.<r Bcbia Pitt, leader of 
' tfa? Conservative opposition, 
said the average repayment to 
idszsestic ratepayers would be 
' ehoQt £50. He was planning 
to cut the coaneil budget by 
' ahoct £Sm. hot increased 
goversmect grants resulting 
from louver spending would 
mean the amount ot cash to 
-be -shared out would he 
£10!n-£!ln!. 

The largest cheque, in fact, 
would 5c paid to the Labour^ 
controlled Greater London 
CouactI, which has its head- 
quarters within Lambeth. It 
would receive 
fcllov.cd hy tile Shell Centre 
which would get nearly 
£7X0.000. 

The repayments arc, in 
effect, a 20p in the pound 
supplementary rate in re- 
verb. Lacheth, under the 
leadership of Mr Ted Kal^bt, 
levied a 28p sapplemestary 
rate last year. 

He is now propcslnu a ISp 
ref'setion in L&snheth*s rate 
and has fiapo!-ed strict cash 
lin'ts on' each department 
vntE-iin (he ccnncil because 
tile LabOB." group has l>ccoaie 
inc'easingiy av.*are of inroads 
made in its traditional sup- 
port bv the now Social Demo- 
cratic Part>’. 

Before ti'.e refunds could 
he made, the Cnvemmest 
weald have to amend its Local 
Covercmect Finance (No. 2> 
B':l now oassinu throujA 
ParJi.a7se.it. The Bill bans sup- 
nlcmentary . rates and there- 
fore makes it impossible to 
levy any second rate duiing 
the course of a financial year. 

Mr purs clan would re- 
quire permission for a second 
rate to' be ieWed so long as it 
was a r^uction rather than 
increase in the overall rate 
hill for the year. This is be- 
cause the 1982-83 rate will 
already have been fixed by 
the time the local elections 
are held in May. 

The Gevemmont is under- 
stood to he sympathetic to the 
plan and is likely to accept 
an amendment hy Mr Tony 
Durant, Tojy MP for Reading 
NortJt and chairman .of the 
pnrt>'*s backbench emomittee 
on envlronment- 
If .the Conservatives wip, 
they io not'plan cots in essen- 
tial services but severe staff 
pruning involving some com- 
polso>y redundancies. 

Other measures would in- 
clude: 

O £lm to be cut from the £3m 
overtime bill: 

O £100.000 off the consumer 
advice bndget; 

© .£2m to ^ saved hy selUng 
2,000 empty homes: 

Q £S00.0O0 hy phasing out 
the meals snbsidy to coonell 
staff; 

6 inereasiss the price of 
mcais-on-wheeis by lOp to 
30pj 

© raising council house rents 
by £3.50 ia-Juiy instead of 
£2.50 In October. 



to cut 


BY HAZEL DlffTY. tNDtJ^fAL OORRESPWDQ^ 


MASSEY-FERGUSON plans to 
cut the workforce at its 
Cov-entry plant by 725 as. pail 
of a major effort to put the 
group's operations on a more 
efficient footing. ■ ■ 

Trade union representatives 
were told earlier this 'week that 
the company hopes the redun- 
dancies will be achieved on a 
voluntai 7 basis. It plans to cut 
475 production jobs and 250 
staff jobs. This will bring the 
workforce at Coventry down to 
5.425. and the total of jobs lost 
at Massey-Fereuson plants in 
the UK since 1978 to 4,500. 

Msssey-Fcroison says the 
reason for the latest redun- 
dsneies at Coventr}', the largest 
plant in the group’s woildwide 
stn'.cture. is the continuing flat- 
ness in the maricet for tractors 
and the urgent need to improve 


cost effectiveness to remain 
internationally competitive. 

Since Massey-Ferguson com 
eluded its financial restructur- 
ing last year . the tractor 
market has shown little sign of 
Che recovery the 'group had pre» 
dieted. ' Many industry experts 
forecast that the North 
American market— an impor- 
tant outlet fi>r Coventry produc- 
tion-will decline this year. 
Massey - Fersuson confirmed 
recently that it has approached 
its' hankers for a temporary 
relaxation of some of the pro- 
visions in the refinancing 
package. 

Late last year Mr Hichael 
Hoffma?;. a fojjner chief execu- 
tive of Massey - Person's 


gFoup^'s' Toronto head office to 
conduct a review of all Uassey- 
Fergustm grdiQ) operadons out- 
side North Aiti^ca. The 
redundancies at Coventry are 
the first tangiUe results of the 
review, whidi is still gol^ on. 


Employment in the tractiiT 
industry in 'the .UK has con- 
tracted considerably* over the 
past three years in response to 
the market's weaknesses and the 
financial problems of two the 

mulriTiatift nalii Tnflmif«i /» tiiring in 

the UK, Massey-Ferguson 
and Intemational Harvester. 
Another 225 job losses at Inter- 
national Harvester's Doncaster 
plant* were announced this week, 
as a result of the group's 
decision to ccmcentrate its Euro- 


Perkins subsidiary, was brought ■ pean product engineering ser- 
back io the *UK from’ the vices in West Germany. 


British Aluminium sheds 40 jobs 


BY MAURICS SAMUeiSON 


BRITISH ALUMINIUM, which authorities oyer a power price 
recentiy closed its Javergordon formula which could enaWe 
smelter with the loss of. 890- Invergordon to- he reopened, 
jobs, yesterday confirmed that The Highlands and Islands 
it was shedding 40 staff jabs'ar 'Development Board, which is at 
its Falkirk rolling mill, where the centre oC the talks, has 


people — are- 


about ' 900 

employed. 

The company said the latest 
redundancies, 11 of which .will 
be voluntary, were “rather 
minor” compared with the total 
workforce at Falkirk, and that 
they were i»rt of a recovery 
plait to get it on to a sound 
basis. 

Meanwhile, talks are con- 
tinuing between , the Scottish 
Office and the* electricity 


-imposed -a news blackout ■ on 
them for fear of raising undue 
hopes. 

O British Aluminium has asked 
us to point out that although 
high electricity rates led to ti^e 
closure of its Xnvergordon 
aluminium smelter. power 
supplies were not cut off 
because of unpaid bills (as 
stated in yesterday’s Financial 
Times.) 

* On the contrary, befbre the 


closure took place it reached 
a seMement with the Scottish 
electricity- autboritiM tennis 
nating its long-term power con- 
tract by mutual agreement. 

• Herbcrger Brooks, the 
makers, of piano keyboards, and 
actions, of Long Eaton. Derby- 
shire, yesterday declared 65 
workers redund»t. 

The company sold that after 
building up to 500 workers in 
17 years, 4t had been forced to 
reduce to ^ because of a drop 
in H^maTui from -its main 
markets in Europe .and the U.S. 

-latest redundancies are 
the second wave, within 12 
months. 


Status of Chief of Defence Staff boosted 


BY BRIDGET 6LOOM, Oa=ENCE CORRES?*OMOENT 


MR JOHN NOTT, the Defence 
Secretary, has increased the 
authority of the Chief of the 
Defence Staff, Britain's top 
militaiy post, within the 
hierarchy of the Ministry of 
Defence. 

The move is am^arently de- 
signed to lessen the political in- 
fluence ol the individual armed 
services and their chiefs in the 
Defence Sfinistry. 

However, in v^atis obviously 
a politically, sensitive area the 


Chief of Defence Staff— cur- 
rently Admiral of the Fleet Sir 
Terence Lewin — will now be 
to give ministers independent 
advice, instead of primarily 
acting, as before, as the spokes- 
man of the chiefs of tiie three 
armed services. 

The army, navy and airforce 
chiefs, it was emphasis^, would 
ret^ their right of direct 
access to the Defence Secreta^ 
and the Prime Minister. 

The ministry described the 


the row earlier this week over 
the njilitary leaders* right to 
appear before the Tory back- 
bench defence emomittee. 


It was made known in a letter 
to .Mr Cranley Onslow, tite 
chairman of the House of Com- 
mons Seleqt Committee on 
Defence, - 


ministry yesterday would only .-move -as a change of emphasis, 
say that the first priority df the which had notiung tq do with 


The changes, vdiich are to 
take effect immediately, are in 
line vrith the' recent abolition 
of' the' posts, of indi-vidual 
ministers, to represent each of 
the three armed services. 


N. Sea exploration increase, continues 


BY MARTIN DtCKSON, ENERGY CORRESPONDENT 


EXPLORATION drilling for oil 
and gas in the UK sector of the 
North Sea maintained an up- 
ward trend in the last quarter 
of 19S1. according to Gaffney, 
Cline and .associates, the inter- 
national energy consultants. 

Their Nonh Sea indices show 
that exploration acti-vity has 
hoen rising in the UK and other 
Euro'iean countries for nine 
months. 

.AU'nough Do discoveries were 
reported in the during, the 
last qu^ter of .1981, Gaffney, 


Cline say there is no evidence 
that the relatively high average 
success ratio in the North Sea 
will not be maintained. 

But their indices for the 
development of new fields in 
the UK sector and expenditure 
on construction are fairly con- 
stant, pending government 
approval of new development 
plans. 

•' Sun Oil of the U.S. -yester- 
dt^ denied peculation that it 
might .give up the operaten^ip 


<rf the UK's Balmoral field or 
sell off part of its interest in 
rise hlodr. 


But it would not cozmnent on 
reports that it had been con- 
sideFzng a mer^r of its North 
Sea interests with an indepen- 
dent UK ailemnpany. 

Sun Oil said it would 
continue to e^lore “ certodn 
. strategic directions and deci- 
sions • for the purpose (ff 
- eahaadzig its fumre.” 


Royal Bank 
seeks new 
senseof 
direction 


By Waiiwn HMl 
' and Mrk Mervdrtir 


THE Royal Bank. of Scotland 
Group has estaibUshed a full- 
time chief executive's office and 
reriniffled its senior manage- 
znent as part of a plan to give 
the groop a new sense of Erec- 
tion following ‘the failure of its 
attem^ to mea'ge with standard 
Giartered Bank. 

!fr Sidney Procter, the chief 
executive of wnuams and Glyn’s 
Bank, the English suibeidiaiy, is 
to take over (he new job of full- 
time group ciuef executive. He 
will he based in Edinburgh and 
-w^l be independent of tiie day- 
today c^erations of the two 
banls. 

He vrill co-ordinate the activi- 
ties of Williams and Glyn's 
Bank and the Royal Bank of 
So>tiand and the development 
of group strategy for future 
growth. Until now, the two 
baniu have operate as separate 
entities with their own manage- 
ment styles, computer systems, 
marketing deportments, etc. 

Mr John Burke, aged S8. who 
held the part-time * job oi 
group chief executive for the 
lart Si years, as well as being 
^ef executive of the Royal 
'R ftnV pf Scotland, has been 
anpi^ted full-time deputy 
chairman of the Scottish sub- 
sidiary. 

Mr Bill Daeombe, aged. 48, 
moves from being aamstant 
chief executive of William’s and 
Glyn’s Bank to devote himself 
full-time to group* planning and 
development In particular, he 
will look after new acquisitions. 

Ur Oiarles Winter, aged 48, 
takes over as managing director 
of the Royal Bank of Scotland, 
and Mr Maurice Davenport, 
aged 57, tdees over as head of 
Williams and Glyn’s. 

Sir Michael Herries, the 
jrroup’s ehaisnan, stressed yes- 
tmday that the group had not 
developed any new strategy for 
over a year while the outcome 
of the £500m rival bids by 
Standard Chartered and Hong- 
kong and Shanghai for the 
group were decided. 

Id the event, the Govermnent 
endorsed ' the Monopolies and 
Mergers Commission’s decision 
to tiira down both bids, and 
this has forced the group to re- 
tiitnk long-term strategy 
completely. 

Ur Procter said that over the 
long term, the group would 
want to merge more and more 
of the two banks' functions but 
stressed that this was fraught 
Mrith difficulties and would not 
be entered into hastily. ! , 

Areas such as harmonising 
co^uter systems, marketing 
objectives and career develop- 
ment were areas where pro- 
gress could be made initially. 
However, he sadd. the Royal 
Baltic of Scotland would be en- 
couraged to open branches in 
Enejand. 

sir Michael .Herries made a 
special, point of sayN^ that the 
gy^p’s headquarters would re- 
imin at St. Andrew’s l^uare. 
Edinburgh. Mr Procter, is to 
move, to Edinburgh. 

Outlitting the Royal Bank's 
strategy. Sir Bfidbael said Scot- 
land was folly banked and tine 
group would be looking over^ 
seas for expansion. 


British Telecom 
n^es £140ni profit 
from tariff increases 


BY JASON CRBP 


BRlTtSH TELECOM made a 
profit of £I40m in- tiie sis 
months to . September 30 1981 
compared with a loss of £19m 
in the same period the previous 
year. The return to profit- 
ability is almost entirely due to 
tariff intreases. 

For the first time In three 
years British Telecom expects 
to meet its government set^tar- 
get of a return on capifsi of 
S per cent for the full year. 
The second half cf the. finan- 
cial year normally shows signi- 
ficantly higher profits. 

In tiie full year to March 1981. 
British lielecom had a profit of 
£181m on an income of £4.6bn. 
Income in the first half' of the 
current financial year %vas 
£2.An compared with £2.1bn 
the, previous year. 

British Telecom warns that it 
is considetyng new accounting 
policies with the Government 
which would have substantially 
reduced profits If tiiey had been 
adopted in the first half of this 
financial vear. Because of com- 
petition British Telecom may 
varite off more costs in the year 
in which they are incurred. 
Xtepreciation in 'die first six 


for tile rest of this calendar 
year. spokesman the: 
TUA was . particularly . diS: 
appointed that . tiie *jmprove- 
ment in unfits uras almost 
'entirriy . .atti^tadfie 
increased 

In the -sax taoQfh. p^bd' a 
&rther- 280,(XX) isDe5 were con- 
nected to the' network to ^ve a 
total of l&7m exchange egnsi^ 
Hons. The. vplume of Calls was 
4 per cent jgrekter thmi a -year 
aga • 

La a recent ■ letter to em- 
ployees, Sir" Ge<»ge Jefferson, 
chairman, said ST’S running 


costa ' rose at double last' yearns 
rate of inflatimi and staff 

wag^' grew by SLper'ttnt 
in 1980B1; tfter ri^g 18 pec 
cent ffl theiftBitious year.’ .* 
The results for the first half 
this'-yedr, ' are . after (fliargihg 
£9Cmi interest' under a -Deed of 
Covenant ■ 'With ibe Boat Office 
p^tskm ftzbd to ^hninate the 
deficiency from vrtiim the Post 
Office was a Goveriunrat dep^- 
ment 

Di tiK ■full finand^, 


FbundMon 




ByTiraiMdaon_ 


Britidi TMeepm ..expects-, to 

— invest £1.9m -on .«ew plant and 

months'oTSr current financial equipment vdudi 85' ]^; cent 
year was charged at £702m. riw»i «ish 


WELLCXOEE ' FOUX4DATION. 
the ' zb^c& ^itermary '^d 
^annaceutieafe groop, is MiiZI 
titfe'fflost profitable of BfitMn's 
.‘^ •- 2,000 private /coiBp^qs, 
.aceoirdiitg to Jordan^kod 
ffae.: pusher and' bompi^-^ 
fca^tion specialist. >: 

I982i .^tiba of 
Britain’s Top l^itvafeOn^ainies 
puhia^ed yesterday, W^- 
comelsv ip^tar p 
year end- of Aug^ 
m.' shown at :£48.im: iv^ 
comes'Jifiu^Betire aiA-Sqbs, tte 
tnmqrant groups vritir. ' taxable 
.piofits tp-titt-endv^ ISSfi-.of 
' fcdlbwedV :1^ ' 
li^rnaiicnial' (motor' and .mptor- 
cycte distrOx^:^ 
taOing) ‘at *£13;2m. ior the" 12 
'mioff(hs to March last^;yev.‘ ' 

4xi tlaSt tabiei'ha^' dropped 

to ' Slffi . 4riace . ^^rilh^r p ta 

£lL5m in lB80'.(d9wii 72.32‘ per 
cebt):.^^ Weebii^ just made the 
tc^:,29~'Vith'^''.8B8Jf pier' 
hiciwase'lin.'proAts- in fhe’year 
Id-. 1980:. -^y - ■ :;y\. ' ; 

f ' Brifobi’a Tqp-'.-Fritiette ' Com- 
pame^ 

.HotfSe, 

.BnnixtridkvPJ(libs;;.I^iiid^ 

6SE..' 


eluding supplementary deprecia- 
tion on a replacement cost basis. 

The Telecommunications 
Users Association c^ed on 
British Telecom to hold prices 


Is financed from its owd'eash 
flow. .Britirii Telecom -is . still, 
discussing the issue of V profit- 
related “ Telecc^ .Bpnds ? wltii 
the Govermnent wlu<ffi .would 
false finazMe in 


Sotheby’s complet^;S^ 
of Norscot contents V 




SOTHEBY'S has just completed 
a ' major house sale in- Soutit 
Aftiea, diqiosing of the cpntents 
of Norscot at Sandton near 
Johminesburg for £583,476. Top 
price was the £21,978 paid for 
a late 18th century armoire of 
stinkwood and b o dh wo od, made 
in the Cape. 


SALEROCtiW: 

BY ANTONY 'mbWICROIT 


Stubbs, RA,- 'entitled 
with jodcey tip, oh Newmarket 
. . ^ He9lh,ap^of FTeodLfitotlock: 

Bonhams h te. c ornered the ■ presestatidn ptstp^hy Nleboias 
market in picture frames, and. Nod Boutet, and a George 'II 
yesterdv it sold frames-to the g^twood eoniNtie-1d>Iie:.by Jdm 


value of £27^320.' A feature was 
a cdlectlon of 18th and 19th 
century frame makers* moidds 
uhiefa soW'for £2.470. fetching 
individual sums up to £160 for 
a mould with acanthus leaves. 
An ISth centuiy French gfit- 
wood ftame made £750, ' 

• MR PAUL CHANNON, 
fbr the Arts’,' has 
decided to suspend ticences to 
export a paontisg by -^George 


Vardy. 

.Tltt'Beerice5^^ -P^ 

and the ti^ -y^.fae .vothheld 
for fcMxr --^id thiee^ .jnoolihs 
respeetivdy;^ lp..,'giYe' pQblic 
collections ih'lliev.l^:an.oppoi^ 
r.tunffyjTO offd to h^ damn. - . - 

The owner of toe.pistoM do^' 
not wiata. to lUrtl aad . an. 
export licence' for them WIB be. 
tiierefwe snspended indefimtdy- 


Cancer research appeal 


BY USA WOOD 


AN appeal was made yester- 
day by the Cancer Researdi 
Campaign for more .emnpanies 
to support its “500 groDp” 
which hopes to raise more than 
£lm to ’ extend cancer research 
at the' Department of Cancer 
Studies at the University of 

'Rlr mingham . 

The group, which already has 


85 memhm who have given 
pledges to raise' £850,00(^ said 
that if . 500 compente eacb 
pled^ £%000 tibe.taiget would’ 
be met ' 



_ spacifln 
Wal^ ' signifi- 

in spite 

'Of tin ree^hm^;;.acc»rilii^ to 
the;^A|^^^^evetopni^ 

. ; :agftocy. hu .allocated 165 

to 

aei^/Ji^tni^sq ft :pf -industrial 
.space,' -to^.n^ tehanto ' in ' the 

.fiha^ei^i-fieb^.^isonDipa^ 
94'in.the wIm^ iff 198081. . .' 




refeiM'Tts.sch'eme^^^ wo^rs 
fo st^h^ltl^ 0 wn:sidc notes 
;f&^p^pdis''.i^,to"8e«W d^'.to 
the ; , SohtoT Advisory 

CoDUnittee,,- '.rhe- ' ^grri tTwiatrig 
body Imost^"'^ security 
; matter^ * ■ -. 

r-The Brit^~ Medial" Associa- 
tion his Jteen advocating self 
ce r t l flc a tibn fbir 'sewar yeah. 
Th^-'*' t'HeMtb ' Department 
;estfmates fbat. the'' new' scflieme 
win ciit the^hamb&‘ df. doctors* 
certificates ..;.fdr;.1Ilhes5 from 
20ni .a,.year to'^iThi. . , 




^ASiKia: StATHAM and Dnff 
St^p.. jwp meditm sized stock- 
bnddng fizins;^ to merge. Ihe 
nwvficm « he called Sfatham 
Duff . Stoop and .operate from 
Duff-Stooplk o^ehB from Uarcb 


miak^-ireTiT^ 


The inoii^ wU hd iBed’to 
boUd facilitih for tiie depart- 
ment of -cancer' studies at 
Birmingham, 


DIVE DEEP 


BUT NOT INTO YOUR POCKET 
See value for money in Swimming 
Pools at 

I yjt^'nwhte maBi i sa l 

^Pool 
.& Leisure! 

WEMBLEY CONFERENCE CENTRE 
Wed. Thurs. Fii. 17th 18th 19th Feb. 
Pools. Spas. Saunas. Solariums 
FUN FOR ALL THE FAMILY 
Come along and try them 


FEDERATION 





225 

166 


10 

SO 

so 


The International Metalworkers Federation, the Geneva-based 
co-ordinating body for unions in the iron, steel, auto, aerospace, 
shipbuilding, electrical. and electronics industries, is making available 
fbr public stie its special reports produced in 1981. These reports, 
limited in .availability, are published in English, German, French, 
Spanish and Swedish. The IMF unite! 170 unions in 70 countries 
thnougbour the non-co/ninunisr world. 

Na.of Swiss 

Comes Pages fsanes 

Q IMF Bulletin on Occupational Health and Safety (4 
'issues per year) 

Q -The Secretariei's Report to 25ih IMP Wond Congress 

8 The Affilistes* Report to 2Slh IMF Woild Congress 
Resolutions and Statements (or 26th IMF world 
Congress 

§ World Economic Review for 25th IMF World Congress 
Jobs in Hard Timos by Professor Robert Lskachmen 
Picture History of the IMF 
□ Report of First IMF Mission to Poland 
0 Report of Second IMF Mission to Polend 
Q The Struggle for Human end Trade Union Rights 
n Philips Latin America 

-Q Social end Economic Condlnons in the Aslen Elseirlcal 
Ertginrpring Industry . . . ^ 

n The Steel Industry in Asia and Its Posilion. m the 
World 

‘ □ The Aslan Shipbuilding Industry in the Context ot the 

Wo-idwide Situation 

n Social and Economic Conditlene of the World Audio- 
Video Electronics- Industry 

□ The Purchasing Power of Working Time, an Inter- 
.' nationel Cofnp.irtBon 
n GM and its Workers _ , ^ 

□ Mnalworiters and New Technology 
H Women's Employment and Trade Union Membership 
in'the Metal Industry 


209 

96 

22 

40 

TO 

12 

50 

103 


60 

TO 

20 

30 

40 

10 

40 

40 


IIS 60 


79 50 


70 SO 


103 SO 


46 

128 

39 


50 

50 

40 


76. .40 


English * French German Spanish Swedish 
Please indicate which language is desired 


Make ehetjues or bankers' drafts to: 

International Metalworkers Fedeartion 
Sdbis, route des Acacias, 1227 Geneva, Switzerland 

Name 


Organisation 


Address “"*•*■ 

IMF: President: Eugen Loderer; General Secretary: Herman Rebhan 
S4bis, route des Acacias, 1227 Geneva, Swiezerland 


Jersey delegation appeals 
over charter flights 


BA cautious on Laker route bids 


BY MKHAEL DONNE, AEROSPACE CORRESPONDENT 


FTNANCUL TIMES REPORTER 


A DELEGATION from Jersey 
will meet official from 'the Home 
Ofiice and the Department of 
Trade today to try to overrule a 
.decision to licence a series of 
charter flights to the island 
from Gatwick this summer. 

The Civil Aviation Authority 
has granted a licence to Sritan- 
nia Airways/OSL. 

Last year the conqjany per- 
suaded the authority to give 
permission for charters to Jer- 
s^, using ISO-seat Boeing 737 
aircraft, from five UK airports. 
Because of the recession and 
late marketing, only two routes 
were finallv used. 

The Jersey authorities and 
British Coledonian. which flies 
fixKn Gatwick to the island all 
year, .'have appealed against the 
decision to the Secretary of 
State for Trade, Mr John Biffen. 
The appeals are expected to be 
heard later this month. 


Jersey fears that by creami^ 
off some of the summer tourist 
traffic the charter flig£its could 
make the route uneconomic for 
Britirii Caledonian and lor the 
island’s industry. 

The Jersey authorities are 
also 'worried that in the longer 
term ibe Gatwick charters could 
be Che thin end of the v^ge, 
depriving the scheduled airlines 
o[ an increasing amount of 
holiday traffic on what the 
Channel Islands see as their 


BRmSH AIRWAYS vrili not be 
bidding for the former Laker 
Airways rmites between Gatwick 
and New YcH'k, Miami, Tampa 
and Los Angeles. But it will 
try to pick up addition^ 
traffic fnnn the routes. The akr- 
line already flies to the four 
U4il cities from Heattuow. 

Hr R<^ Watts, depi^ chair- 
man and chief executive, in a 
message to BA’s staff following 
Laker Airways' collapse last 
week, said ** we are not going 
after bits of tbe (Laker) i^jera- 
tion that won’t pay off quicldy. 


into. We do not intend to e^and where expansion- was 
follow them into it, and I think financsally justified. “We 
it will be a long time before, replace tbe present Hebrew- 


three “ lifeline " routes — from . because the name of the game 


and 


Heathrow, Gatwick 
Southampton. 

The Channel Islands are in an 
anomalous position over tbe 
licensing of their air routes. The 
aviation authority is obliged to 
consult the islands Air Advisoiy 
Council about applications 
which affect the islands, but 
does not have to take any notice 
of its recommendatioiis. 


tor British Airways in 1982 is 
cash. 

**We are emphatically not 
going to borrow money we don’t 
have in order to buy expensive 
aeroplanes for low-fare passen- 
gers in a cut-thtoat market 

“If that sounds Hke caution, 
so be it Td call it realism. That 
to put it bluntly, is exactly tbe 
hole that Laker Airways fell 


anybody else dn the industry 
does, cither.’’ 

But Mr Watts said BA would 
fight to pick up traffic formerly 
carried by Laker Airways. “Di 
many cases, we can carry a 
great many extrh passengera on 
our existing services at little 
more than tbe mar^nal extra 
cost of looking after them in 
fidgbt” 

He said Britisb' Airways was 
not interested in returning to 
tbe Manchester-New York 
operation, “because we couldn’t 
make money on it, and our in- 
formation is that’ ritbough 
Laker Adrways took 'over tbe 
route from us, tbey eoulte’t 
make it pay either. 

“On the other hand, we' are 
very interested in the Gatwick- 
Zurlcb licensed, and we shall 
apply tor it." 

Be said the aompony would 


Ne\7 York TriStar service with ' 
a 747 to cope with - extra doi 
mand. and we alM plan to ex- 
pand our cracky ' to Los 
Angeles. 


AJrtours already operate 
package charters to Tampa,-and 
we don’t plan to change that, 
because we , think Tampa is. 
essrtitially- a . -ritarte^'-maximt-.! 
and tiot a BdSeiSiffea* aer^e» 
one. . 


“We shall go. hard. -tor the 
extra business where ;‘we eait- 
get It profiftebly,.elthek by filt: 
Ing eu^jty seats .on existing ser-.- 
vices. or using- spare flying time 
on existing aircraft.’’, '. 

Mr Watts hoped that'nobo^' 
In British iriiways “has. 
so foolish as to r^oitf at whaV 
has happen^; I ' own 
financi al posltion-giv^' lis'llttle 

enough cause for sati^actfon.'".! 


fofl >5 a year, when the Royal 

Doqlton .Corbevt cut ^iass 

company^ (dosed -at- Tutbo^ near 
DwbJf.. yesfeito Kt a toraace 
.to-nMtTk' .thiff.stoit'(>f a iiiw com- 
peoyou.tbe (dd preinises.'MaBiy 
of the,82 iised th^ iedundancy 
mon^-tb p^.for flie vemture. 


AixKiibntaii^inqiu^ ■ 

ibe . ACCqu^^ pr^es- 

-Mod has . appolibted ; a commit-' 
<rf_ . itUpti^':.. to took. • mta 


tee: 


“ matters': of public concern " 
which it betieves have been 
raisc^ by. a Depstment of Trade 
inquiry . into -two once-quo^ 
(mmpanieSi: GQgate ,Hcd(i^ 
and Hayhpiuzie Grotq>. 

The . depufment publish!^ a 
long repoit oiv'its inq.iti ]7 in. 
September,, which, reriewed e 
morass of. ebmpany. law iTrfringe- 
ments by.sevmalflrins between 
1967 and .19801 It ' eexisb^ a 
number of exeiaitive^ arid non- 
executive director- involved in 
tbe firms*' (fffaira and criticised 
twa firms of atiditora, Tboraton 
Baker and Gerald -Edelmait.. 





\ V . • T 

\ • 
hi 


ii 


k, 

■1 .. 


!? 


lil 


H6blFlCATI^fS''COrtiDg about ’ U’itfb.-i-fc . 
£500;000.are befsg.inade to tor- — 

■btoe. units at tile CeotrN Elec- 
.tcicity ' Getittatii^-; ' Board’s' 
pump storage* 'scheme . at Dinor- 
-WiC. NiMth.'Walefc:. . ". 

'Gdahmhhitiiilne tri^ ' on -the 
.first. 'of tbe'six units resulted in 
jr.ovnfaert^ .4ff.--the-- geDesator 
■xaiat6^^ the 

bearing; ' . froin.\ J'whdcfa the 
4iirbine?s rotaiting parts. are sus- 






Trident concedes court battle and wins brjei|W|^ 

Duncan CampbeU-Smith examines the London c^iria seeneV ^ 


m 


THE DEMISE of the British 
Bunny will be the most obvious 
consequence of Trident Tele- 
vision’s decision * to close two 
of its' three London casinos next 
week, pending hearings to May 
for fresh licences. 

Trident has opted to jettison 
court appeals against the 
licensing authorities, which 
accepted ' 'police and Gaming 
Board objections lo the two 
dubs last October. 

. .tf- successful, '.the ‘ appeals 
would have made fresh licences 
unnecessary. But if unsuccess- 
ful ■ they risked stoking up 
endless legal fires which Trident 


It is debatable how much the 
conduct of the appeals might 
have done to clarify the mass of 
legal rulings 'which provide the 
gaming industry with a guide 
to the effective powers of the 
1968 Gaming Act 

. Tbe other niain guide to 
those powers is the superrision 
of the Gaming Board. So the 
second consequence of the 
Trident decision, js what it sug- 
gests about the Gaming Board’s 
attitude to l^ident ibelf and to 
(he present state o.f tile indust^ 


might have had difficulty sub- jo general, 
duing by May. The Gaming Board has vvith- 

By closing the • clubs, un drawn objections to Trident's 
Monday, Trident is hoping to Victoria and provincial casinos, 
build a secure firebreak— set- No charges of malpractice were 
ting • three or more, dormant laid against them last yeaxHr 


months between toe putative 
resumption of the dubs gaming 
activities and their Kayboy 
past - *' — 


they were merely tarred with 
tbe Playboy brush by dint of 
common ownership. ' 

In granting - certificates of 


consent to Trident to apply for 
new licences for tbe Playboy 
and the Qennont — the direct 
cue for Trident’s closure 
annouDcemeot on Wednesday— 
tbe Gaming Board has satto^d 
itself on four counts. 

It has deemed Trident capable 
of diligence under tbe 1968 Act 
and able to conduct gaming 
fairly and pTO{»rly. It con- 
siders that public disturbances 
are unlikely to arise from 
Trident casinos. Above all, it 
has looked at Trident's 
character, reputation and finan- 
cial standing and has concluded 
that it is a fit and proper entity 
to join (he industry. 

The danger for Trident was 
always Uiat the fact of buying 
its casinos from Playboy slight 
alone have been enough to 
spoil the “fit and proper^ label. 
I^ck of gaming management 


«l»riei.w was also a potential appUcatioos f5r 


after heari^. objections have 
that /bird- party and. 4d^er-.:qIflS^'-' *-'^htf^rjKnii^tsbri(tee- 

®™®”?S...wious , fflfiforarfiDoiiine--^ 


problem. 

Gaming Board fears 

Playboy might have escaped -yPstaenDg ... various faciorarfiTO^ ^ 

any damage by selling -out— the - ^adly similar, to those" alrerfy 

basis of one objection to Tri- by toe;.board: • ^ 

dent's “fit and proper" status— .. They may also cdosidlftr toe ^ 

appear to have been diroelled unpositioh of.^iecsal *cohditi(m8$ 

by the sale price. Playboy as curtailed QPeirfnaJiottra^' Afc^iyftri '^B^ fe ar’'.^^ 

received £1.4m less than the .on any Uceaqes Jssu^' . '* r-i; .ryrf S! 

£16m which the casinos earned . The 'May haaruiBg 

pre-tax in their last finaaclal-.ob'e'.' . .. new ^rniirfrdi’^ia laijiilVltf “firr " hy* 

yoa*^- , . .Indeed, the^GamSng^ Board ~ — 

Trident's recruitment of some obuld even .pt^ foiw^‘';'raM"'rsnBaji<^f;^^^ 
key management figures, includ- object to Hceii^ oh. .gwrondgC, to- 
iog a former police depufyj .of Inad^uafe.'deinajid,^ c.v' 

assistant commisslo&er.- Bte' l?unters'in.l25 eastoosiury^.’.v^^ ^ 

Peter Neivens, must also have ..Ihp .C(^ti7:;sp^,i£6^^mi in*- 
weighed in the board's apparent the year to last Jiueusf 
acceptance of Trident’s case £661.5mLthe':!w b^oTO;.h^ 

that by May, the Playboy and dem^’ ^ 

Clennont wiij have been re- .ncffODOu^/^hard. ‘iadpe^^ 


- .ncffODOUi^vJard. torforbi^ 
stnmtured. evet»hneaspTt':\ ..-r 

The licensing magistrates will Tridmt 

‘ the .. aiff&ractidB . 


now accept or reject Tridrat’s to 


IMitfortod. 


IlS 








1982 


UK NEWS 





Tw ^ dissent as 

upheW 


Refonns urged for ciyil courts 


SYMTHP^ law ; eOURT5 correspondent 


■: ^"'s 'ii 






Jrzyi;'£Aw': ILords ,di^ 

:*?reed- iwUoUjbr aiuui; vhe^er 
, Uvriei, HariuaUi, ' 

of the 'Naiioiuii . Council 
r for Crril liberties^ vras in con- 
vtdmpi.-bf.court wheat slie showed 
^'d.Joa^laiist''CQ^Ifid^tl^ Home 
;*^ce.doeanients-a£te^^ had- 

' ' be^ refid out .in -op^.eburt . 

Thred; while'iiccRiding that 
"Tis- Harman bad- acted .in. good 
hdd that'^e had -been in 
73ie7;^dismi5sed''^^th 
'• costs;. -Her.- app^ . against.' the 
-ynhatdmQua ^.4,eei$on .'of ':d}7ee 
:.:'.'l^p^!’Gbutt jud^ -upbdding 
'finding, made 
- her.igfthe 'High Court 

'fiVa. Joint ^tesentim; 

; ■ Lord *^Scarman and 

■Jfiti. Sbnoh'df Glaisdafe Came 

favo^^ 

Ofilie!.-. doeuzhente' had been 
priced : in open ' court they 
’^becsK^'linbUc knowledge and 
.-thS^'r-aUbsequent disclosure 
' be contempt, they 

.ea£d.':ne TeouiremeDt of public 
imd the Tight to freedom 
L'of 'eomaaunieafion overrode all 
s other factbas in toe case. - 
.;-V>'U5 Hanhan ..said afterwards ' 
. that she ,wuld:tate.the case to 
.^e....EQropean' Commission of 
vBnman.' Rights in Strasbourg, 

.. .: .'The documents .' related to 
- 1 Home~Offiee policy on the con- 
- troveaslal. «uid sinee. abandoned, 
spedal control units in prisons. 
They -were .disposed to Ms 
Harmantwhen she acted for ^ 
v/femer prisoner who. sued the 
. F^me! QSce over-' his .- detention 
V in a cpn.trol unit ... 
r The disdosure ‘was part of 
' the prQcess:of'^‘ discovery*’, by 


parties to litigation are 
whfied to produce all relevant 
documents. 

There is an implied ,undei> 
taking by a solicitor receiving 
such documents to use them 
only for the conduct of. the 
. case and not for any “ collateral 
or Ulterior purpose.” 

_.The comph^ against Ms 
Harman was that she allowed 
Mr David Leigh, then a 
Journalist on the Guardian, to 
see the documents, knowing 
that he wanted to use tliem^ to 
write a feature article critical 
of the Home Cffiee. ' 

Lord Diplock stated firmly 
wat the case “ is not about free- 
dom- of speech, freedom of the 
Press, openness of justice or 
documents coming into the 
public domain.” 

It eonceiued the requirement 
to disclose documents- in the. 
in.terests bf justice. That was 
an inroad into an individu^’s 
ri}^t to keep Ills documents 
private and called ' foe s^e- 
guards against abuse. 

The public interest in liti- 
gants making full - disclosure 
and hot being inhibited by 
fears about what use .might be 
made of the documents, made it 
necessary that the solicitor's 
undertaking ' should hot' ' end 
when the documents were read 
out in court 

It was iirelevant that . the 
cctitents of documents' could he 
ascertained by anyone wil ling 
to buy a transcript of the tape 
xeedrding of the court hearing. 

Lord Diplock said the rule 
would not prevent lawyers 


showing journalists documents 
to help them write accurate 
report, of the proceeding.';. But 
Ms Harmc .1 had known that Mr 
liCigh wanted the documents 
for 0 Ifeature article incidental 
to the case. 

Lord Ros^l said the implied 
undcrinking gave a litigant 
substantial protection against 
wider publicity than was 
necessary for the proper con- 
duct of an ' open court trial. 
It -was crucial that that should 
Qot be erodejil. 

Lord Scarman .said a system 
of law that recognised’ the 
right of freedom of communi- 
cation In respect of matters of 
public knowledge could not 
decently or rationally exclude 
a litigant and his solicitor. 

None of the Home Office’s 
ar^ments justified such a dis- 
crjminator>' and unnecessary 
exclusion from a right which 
was a fundamental freedom, 
required by the European Con- 
vention on Human Rights to be 
secured for everyone in the 
UK.- 

Justice wa.s done in public so 
that it might be discussed and 
criticised in. -public. 

“Moreover, trials will some- 
times expose matters of public 
interest other than the judicial 
task of doing justice between 
the parties in the particular 
case. 

“ "We- believe the true path 
forward is to ensure that our 
law develops in a way. consis- 
tent with the obligations 
accepted by the UK in the 
UK in the' European Conveo- 
tloQ,'’ said Lord Scarman. 


A CALL for radical experiments 
aimed at the removal oi waste 
in time axbd money in dvil 
courts is made by the Law Com- 
misdoii in its {unmal r^rt 

The commission, which 
reports to the Lord Chanc^or 
on law reform, says that not 
only lawyers hut also other 
users of law should he consulted, 
and adds “ for this purpose vain- 
aUe help must be obtained from 
those skilled in the analysis of 
working methods and adminis- 
tration in commerce ...” 

The conunission's work on 
commercial and international 
law received an impetus during 
the chairmanship of Sir Michael 
Kerr from 1978 until last 
October when he was appointed 
Lord Justice of Appeal. He was 
succeeded by Sir Ralph Gibson 
who. as .1 Queen's Bench judge, 
is also fanviliar with the legal 
problems of business. The com- 
mission, .which has five mem- 
bers. is assisted by a staff of 23 
lawyers. 

- The Sixteenth .4.nnual Report 
of file Law Cwnmission, pub- 
lished today, reviews the work 
completed in the period 198041. 
and also provides a picture of 
the large amount of work on 
law reform and consolidation of 
statutes which is in progress. 

The number of proposals to 
reach the statute book is murii 
less impressive. The implemen- 
tafion of reform and improve- 


-A. H. Hermann, Legal Corre^ondent, reviews 
the. l€th annual rqiort of theXaw Commission 


meat proposals seems to he 
hampe^ by fiie lack of parlia- 
mentary, time and fi» absence of 
a qieci^ provision for leid^ 
tion which is imcoutroversial 
ami, therefore, “ unpoUficaL” 

On the posthre side, the 
report reveals an hnprovement 
in co^eration between the com- 
mission government depart- 
ments. 

Of the law reform, reports 
pubnshed last year, those whirii 
dealt with breadi of confidence 
and the financial consequences 
of divorce received the greatest 
public attention. But the com- 
mission has also done a great 
amount of less publicised work 
in the field of eommerdal law, 
sometimes protecting UR 
business against ill-conceived 
reforms. Thus, acting jointly 
with , the Scottl^ Law Commis- 
sion, it recommended that the 
UK should not become a party 
to the Council of Europe Con- 
ventions on Foreign Money 
UabiUties. 


It also advised file Govern- 
ment on a number of other 
legal projects originated by the 
EEC Commission, including the 
highly controverrial Convention 
on conflicts of laws governing 
contractual obligations and the 


directive on insurance services. 
Sndi screening of the Brussels 
proposals is important for the 
detection oi incongroiti^ be- 
tween the draft and - the coim 
Tnnn law system and practice. 

•nie commission reports pro- 
gress on the restatement and 
modemisatibn of criminal law. 
In the field of contract law it 
has.prodWKd working pa^rs on 
minors’ contracts, peenniary re- 
stitution -on breadi of conMct, 
and the law relating to the 
supply of goods. Because of a 
ladt of resources, it had to sus- 
pend work • on mdhods of 
modernising and simplifying the 
^ting body of statute law. 

Not all the work done m 
always used, even when it 
covers key problems. Thus, the 
report .made Jointly with the 
Scottish Law Commission on 
the interpretation of statutes 12 
years ago, and recommended 
for an early enactment by the 
Renton Committee in 1975, re- 
sulted in a Bill which was 
Iiassed ^ the Lordk but failed 
to proceed in the Commons. 


has a need for con^tafions 
when selecting topics -for con- 
solidatibiL Its major task in 
this area is the consolidation of 
the Companies Acts. The last 
consolidation of company law 
took place in 1948. Since then 
four major Acts have been 
added to the statutory law, 
v^di now covers 929 pages of 
print ^le. commission, hopes 
that its vwa on the consoli- 
dation of lepslation on civil 
aviation will result in a Civil 
Aviation Act 


Fund finds few 
biotechnology 
investment 
opportUDities ' 


£a contrast with law refor m , 
whldi requires wide consulta- 
tion, the work on ‘the consoHda- 
tion of statutes is largely tech- 
nical, alftough the commission 


A new form of proceedings 
for the judicial -review of 
adndnlstrative dedsions, pro- 
posed by- the - commission 
earlier, has been included in 
file Supreme Court Act 1981. 
The other proposal 'of the com- 
mission — that tb^e should 
also be an. inquiry into substan- 
tive administrative - law by a 
Royal Comhaission or other 
similar body has not yet been 
realised fully. 

A' Discussion Paper pu^ 
lished last year by the Review 
Conumttee on . Administrative 
Law set up by Justice — the 
British section of the Inter- 
national Commission of Jurists 
— in assomation.'with All Souls 
College. Oxford, is welcomed by 
the commission as a “positive 
contribution.” 

Sixteenth - Annual Report of 
the Law Commission. SO. £4.40. 

Editorial Comment, Page 18 


By. David Rdiloek, Sdence Editor 

difficulty finding sound biotedi- 
■Dology investments for the £25m 
venture capital fund tiie bank 
opened last year. 

Of a total of 847.8m (£25Bm)' 
subscribed to Biotechnology 
Investments, a Guernsey-regi- 
stered fund, only 811.6m has 
been invested so for. 

An interim report from., the 
fund says it is likely that the 
assets will not be fully in- 
vested “ for some time.” 

The fund, of which Lord 
Rothschild, the biologist and 
former head of the Whitehall 
“ think tank.” is chairman, has 
exacting scientific and financial 
standard for its investments. 

It has made four investments 
In unquoted biotechnology com- 
panies, all in the U.8. In the 
case of the biggest Agrigenetics 
r-a plant science company 
whose chairman is also a direc- 
tor of Biotechnology . Invest- 
ments— it has made two invest- 
ments of $625,000 and $547,000. 

Other unquoted investments 
are Applied Biosystems of San 
Francisco, Applied Molecular 
Genetics of Los .Angeles, and 
Repllgen of Cambridge, Massa- 
chussetts. 


® oiioinic recession brings 
lower bill for fire damage 




BY: ERIC SHORT 


F7RE losses dropped , dramatic- 
ally last- year,, mainly because 
. of the decline . in economic 


Tramp trip 
shipping 
index drops 


“activity, said. Mr. George WU- 
‘ Hams, ' chOinnan of the British 


- Insurance ^ . Assocation’s fire 
Mhsurance panel. 

' Total fire dama^ fell, by 
' nearly a quarter to-.an estimated 
£356.6m, compared with. 1980*s 
: peak of £4^.3m. . 

- . British ’Insurance Association 
. ' figures showed that fire losses 
' in 1981 exceeded those for 1979 

■ by. only £lBm. ' In real -terms, 
'■•fire damage ... costs last . year . 
'■'dropped dram^caRy. ' 

In 1980; however, two .major 
liras caused combined 'damage' 

. of 'more; -ajan.-fWOBi.: Last,year 
- . tbe^e 'tvas .«:hoticeablB'dehlfne- 
■i!.f 4 B'’tho;Ymnfi»er of ,:fir6s which , 
^-iffsn^ilainagc' .of £lm or more. 
«L;Ttaere.'¥S!re; 33. such ikres |;n 
t..0981; It^ewer than In. the pre- 
i;j ribus.vyesr. 

•Williams expressed con- 
cetn it the large Jos&e.<« from 
fires -in'^ schools. 'especially as 
firc$. caused . by -maHcioi^ or 
doubtful igniilon routlhued to 
^mint for -^a significant prapor-. 
-'tibn iiriires. . ' 


FIRE DAMAGE 
COSTStaa} 


ion •72*73H»TS -WTrTBTa W)31 


Last year, '16: of .the school 
fii^s caused damage of at -least 
i25ff.000 each, r ': *■ 

Orie such fife at the end of 
December at a school In Chad- 
moor, Staffordshire, ' caused 
.£L5m, damage: . This helped 
boost fire damage .costs for 'the 
TUonLb' to £30;Sm-^m higher 
than in December 1980. but still 
fiflm . lower than in Novenfi}er. 


N training schieme 


; ‘ BY ROBIN REEte WELSH CORB^ONDWT 

Vhe GOUIJTY of awyd. North : sir apprentice places, primarily 


'Woles/ .ha5..'launcbed ah indus- 
*- « ria) ;t»initig stfitcme in associa- 
- tion \rith four l^e local com- 
intended to- revive the 
X .' 'deciiaiitg ■ huhiber of - available 
^r-'apuranticesliips:' . • ^ • 

■“ ^TbeV British Steel Corpbra- 
'lion’s. Siotton works, Courtaulds 
r-.irt. -HolyiveU,: GKN*s Brymbo 
wbiks ‘ and. Air Products at 
' ■'■Acfefair have agreed .to deploy 
.their' . baric training' facilities. 
^ But their -utiUsation is being 
"'.made.depradent.on finance and 
= siwnsorriup from , additional 
'sources. 


in .. electrical and mechanical 
engineering, at each of the 
'four tr aining facilities,, starting 
'in' September. 

.., The European. Social' Fuad is 
.expected to -meet two-thirds of 
tile annual -cost, budgeted at 
: about £100,000. Local em- 
ployers will be expected to find 
the other, third. 


Two types of sponsorship are 
being invited: One invloves a 
<mntribu.tioh of £100 or more, 
without responsibility for. train- 
ing. The other is a participating 


The- ' council.: 'and the com- sponsorship with minimum con-, 
panies' have v established ' the tiibutions of £500.- and involve 
'ClWyff- ' Apprentice Training . ment in supervlrion and train- 
Association which plans to offer ing. 


Friday February 12th 1982 






A major British compaxiy applies for - 
peimisaontobiitidfi] 80 , 0 Q 0 s 4 ftofficebIo^iii 
]B ArWhi rent rpriew in centi^ London. 

yego'snddgn boist of letting activitr 

libichcoiridjiistifythebi^l^dofoffiM 

developmoitiii the dtjc 

6MsQfiof thdRockefdlerCenbeis apfor 
sate iuNew^ricthto coidd be tbebaggest property 
deal in the dty andeeuld top the sale of the 
Fan Ambntidins and theGeo^ Motors 
offlceblockitiusyean . ^ 

j^ lttpiiingfmn nf planning 
consoltants hasheeo smedwith an 
enforcement notice bediiise they 
have been ocenpying a bnilding 
'fritbout office idamiiiigpeiniisadD? 

• ^For^thenewandcomment 
you need about property-whether 
you're buying, selling or investing 

- oii^ Estates llines will do. 

Itis the larged diculation 
newspaper concerned with 

busineK properly. Send us 

- your letterhead or call us and 
weTl send you a sample copy; - 
Eshdes Thnes, 30 Calderwood 
Street,LondonSE\8. 

. Tele phone: 01-855 7771 


ESmES TIMES 

/Thevveeklyneivspaperof 
business property 


THE GOVERNMENT OF PAPUA NEW GUINEA 
U.S. $25,000,000 9 V 2 Per Cent Guaranteed Bonds 1983 


S. G. WARBURG & CO. LTD., announce that the annual redemption instalment of U.& $3,500,000 due l 5th March, 1 982, has been met by 
purchases in the market to the nominal value of U.S. $1 ,005,000 and by a drawing of Bonds to the nominal value of U.S. $2,495,000. 


The distinctive numbers of the Bonds, drawn in the presence of a Notary Public; are as follows:- 


- fi/ Andrew Rsher, 

Shipping Correspond^ 

I«'URTH£R evidence of the 
slump in the world shipping 
industry was given yesterday by 
the General Council of British 
Shipping which said its tramp 
Trip charter index was at its 
lowest for over three years. 

The council, which will re- 
new its plea to the Chancellor 
for improved mcenUves to UK , 
fleet investment in next month’s 
budget, also said more world 
tonnage was laid up for lack of 
business than at any time rince 
•April 19T9. 

Tramp vessels are chartered 
put -by .owners as business 
- arises rather than put on 
scheduled .cargo routes, and the 
council's index for January was 
114 compared with 13S in 
-December. 

Over the past year tills freight 
index (1976=100) has fallen by 
as mucli as 120 points. In 
January 1981 It was. 2.34. In 
August 1978 It was 105. having 
been lower earlier in the year 
and in 1977 before recovering 
subtly. 

There was a considerable 
improvement in both 1979 and 
19S0, before freight rates went 
into' dedine again last year. 
The council's index is based on 
a range of data covering dry 
cargo riiips from below 20.000 
deadweight tons 'to over 85,000 
dwt. 

Charter rates have fallen 
steeply for both oil tankers and 
dry cargo ships as a result of 
the ' long world recession and 
surplus tonnage in most ship- 
ping sectors. 

In December, laid-up tonnage 
round the world totalled 27.4m 
dwt— 4 per .cent' of - world ton- 
nage — of which nearly 25m dwt 
wns tankers. 

The council said this repre- 
sented 7 per cent of world 
tanker tonnage Against 6 per 
cent In November. On the dry 
cargo side, tiie laid-up figure 
of 2.8 dwt made up 1 per cent 
of wcn-ld dry cargo tonnage. 


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On 15th March, 1 982, there will become due and payable upon each ^nd drawn for redemption, the principal amount thereof toaether 
with accrued interest to said date at the office of*- 


S. G. WARBURG & CO. LTD., 30, Gresham street, London EC 2 P 2EB, 

or with one of the other paying agents named on the Bonds 

interest will pease to accrue on the Bonds called for redemption on and after 1 5th March, 1 982, and Bonds so presented for oavment must 
haveattachedallcoupons maturing after that date. 

' ' U.S. $1 0,000,000 nominal amount of Bonds will remain-outstanding after 1 5th March, 1 982. 

\ .'•'■■•■• 

30, Gresham Street London EC2P2EB 1 2th February, 1 982 




o 




UK NEWSL;^ PARLIAME]>n' and POLITIC 


Orerseas budget 
for Yolunteers up 
by £700,000 


Heseltine 
appoints 
minister 
for race 


SDP steals the Tory trade nniohists 



BY EUMOft GOODMAN, POUHCAL CORRESPONDENT 


BY JOHN HUNT, FARUAB^m CORR^ONOB^ 


THE GOVERNMENT 15 to give 
an extra £700,000 to increase 
the number of voluntary wor^ 
kers who will go from Britain 
to belp developing countries in 
the coming financial year. 

The total for the programme 
will rise to £4m compared with 
an estimated £3.3m this year. 
TTie number of new volonteers 
will increase from 520 to 600. 
The Government will also 
strengthen the administrative 
support available for the volun> 
teer programme in the UK and 
overseas. 

The announcement was made 
in the Commons last night by 
Mr Neil Marten, Minister for 
Overseas Development, as MPs 
debated a Labour motion con* 
demuing the Government’s in* 
tention to cut the overall 
av\r>eas aid programme for 
1982-83 by at least 11 per cent 
in real terms. 

The motion accused the Gov- 
ernment of '‘callous indiffer- 
ence” and said the programme 
should be incioased to m^t 
the UK’s commitment to give 
0.7 per cent of its gro^ national 
product in overseas aid. 

The Government had put 
down its ovm amendment claim- 
ing that it was maintaining a 
’’substantial and effective** aid 
programme of over £lbn. 

Mr Frank McKIhone, Labour's 
spokesman on overseas develop- 
ment, accused Mrs Thatcher of 
being guilty of “cruel and cal- 
lous treatment of the world's 
Starving poor." 

He said her first act on re- 
turning from the Cancun 
Summit, which was aimed at 
narrowing the between rich 
and poor contries, was to cut 
£2m6 from the aid programme. 

“That was blood sucking of 
the poor with a vengeance,” he 
declared. 

He cballeoged Ite Govera- 
ment to call a general election 
as soon as possible. How much 


'longer, he wcmdered, could 
Britain afford a Prime Milder 
who endange^ the counlxy’s 
ffffl tiding and integrity by “ rid- 
ing shotgun " for Fi^dent 
Beagan— “ that dangerous old 
ratif nmian in the 1/711116 
House.” 

The failure of the Concua 
Summit with its open-ended and 
undefined commitment to nego- 
tiaftioDs on. aid had had a 
damag in g effert on relations 
between north smd south. 

He crticised the “cowardly 
and miserable ” government for 
concentrating large amounts of 
aid on projects which would 

The UK had given £30m to 
build a steel mill in Mexico — 
■the fifth richest couatzy in the 
world in terms of oH and gas. 
He criticised this as drawing 
away assistance from the 
poorest countries. 

“By any standard of justice, 
fairness or ‘ compassion this 
government stands condeoMied.*' 
he said. “ It has destroyed 
good name of the Brilirii 
g ov e m nieot' around- the world." 

Mr Marten told him it was 
nosense to say -that the Prime 
Minister had ho credibility in 
the Third World. To claim that 
she was destroying the good 
name of Britain was “ absolute 
rubbish." 

Mr Marten placed heavy em- 
phasis on the importance of 
private capital flows to the 
Third WorliL which he said 
were of more significance for 
development than ofiicial aid. 
Neveriheless, the Goveinment 
recognised that ofiScial aid was 
essential 

He emphasised that the 
econmoic health of the de- 
veloped countries was vital to ' 
the growUi of developing 
ones. The most useful contri- 
bution would be to restore 
growth in our own economy and 
maintain an open trading sys- 
tem. 


By Peter Riddell, Pelitica! Editor 

SIR GEORGE TOUNG, a 
Junior minister at the Depart- 
ment of EnvinHiment, has 
been adted hy Mr Uidiael 
Heseltine, Enviremneat Secre- 
tary, to take special respon- 
sibility for race relations in 
the departnient*s field, not- 
ably the nrtwn programme. 

This will he in addition to 
his existing responsibilities as 
a Parliamentary Under Seer^ 
taiy of State for housing and 
emurtTUCtion, new towns and 
the property services agency. 

Sir George, the HP for 
Acton, has a long re«^ of 
interest in commonity TCla- 
tions matters, both in his 
constitne pc y 3Jtd ft^meriy as 
a local Gocneillor. 

Commenting yesterday, he 
said: “Many aspects of the 
department’s woA are vital 
to the development of good 
race relations and for heljn 
ing to core racial disadvan- 
tage. 

“Out urban progranme is 
the clearest case of this. Bnt 
aspects of housing policy are 
also extremely important, and 
the same is tme of other local 
antiiority progransnes with 
which the department Is eon- 
cemed. 

“ 1 attach partieolar im- 
portance to ensoring that the 
views of etiittie minorities are 
taken on board when policies 
are being formed and deci- 
sions taken.** 

*nie appointment follows n 
report on racial disadvantage 
by an ali-party Commons com- 
mittee. The Govermnent de- 
cided a gainst establishing a 
separate unit 

The nzban programme cur- 
rently has a inidget of £210m 
fair the regeneration of inner 
city areas. While it is not 
specifieally geared to meet the 
needs of etiinle .minorities, 
more than half of ftem live 
In areas henefiting directly 
fr<MB the programme. 


THE GOVERNMENT may be 
forced by a combinatioa of 
Social Democrats and Conserva- 
tive trade unionists to recon- 
sider its opposition to compul- 
sory secret balled. 

The same combination could 
also embarrass the Govenunent 
over its decisiott'flot to include 
in the Employment Bill provi- 
sions dealin g with the trade 
unions' political levy to the 
Labour F^ty. , 

The SDP, faced with internal 
differences on the Bill, has 
ended up stealing the CTU^S 
dothes. 'The three ctoges it 
proposes to the Bill— industrial 
democracy, Ranges to the poli- 
tical levy system, under which 
trade unionists must contract 
trade unionists must conti^act- 
out to present their money 
giMTig to Labour, and secret 
ballots for intemd trade union 
electiMB — are long-held CTU 
policies. 

The CTU is to meet tins week- 
end to consider its position, and 
is likely to decide to lobby Tory 
MPs to pressure the Govern- 
ment to deal at least with secret 
ballots. 

One possibility is that Mr Tim 
Renton, the premdent of the 


Hm Social Democratic Party wQl pot np 2,183 Candida^' in 
the local government eteetioBs in Hay m the 147 autbdritiee 
where a £are-ont of seats has so f»r been agr^ with'tiie 
Uberals, Mr John Caitwri^t, efaainnan of the SDP local 
sovernment sab-MBOinittee, said yesterday. 


cru and MP for - Iffiid-Sussex 
mi^t join other Tory back 
benchers and the SDP members 
on the Employment Boll com- 
mit to force throng the 
ebanseS' But the (imposition 
of the committee, asmooDced 
yesterday, makes it uzfiik^y 
that this tactic would succeed. 

The corotnittee includes 13 
Tories, eight labour one 
Liberal ^d one Social Demo- 
crat Although tins is the first 
time Hie Liberals and SDP have 
znaBaged to get two membem 
on an important standing com- 
mittee. the chances of Ihe 
GoveruneQt being defeated as 
a result oi a Tory rebellion are 
remote because right of ihe 
Conservatives on the committee 
are either ministers or parlia- 
meutary private seeret^es. 

MPs in favour of compulso^ 
haBots may wait until BiU 
reariLOs the floor of the House 
at the Baport Stage, where 


many Tory bacid>encbera 
find it diHcnlt to vote aga£dst 

The politiral levy is a very 
tridry issue for the GovHnment 
because rithoa^ zom^r-Tories 
oppose it, any move to .deprive. 
Labour of- valuable, sborce 
of funds djuld open tire" ques- 
tion of corporate donattons -to 
the Oemservative Fazty.. 

The Governmeiit rieariy boines 
it has drawn ttze Bill snfficlrirtiy 
tigbOy tizat.airnesich&mxm deal^ 
with secret balDiOts or tite poeti- 
cal levy woitid be out of order. 
Winding up M<mday*s debate on 
the BUI, Mr David WaddhigtiM, 
ihe Under Secretary of State for 
Emp loym en t bzmiBed that 'ihe 
Bfil not the ple(» to' deal 
with the politick levy— «Ml 
argued that now was not the 
tB» to iinfnre secret baHot& ; 

Nevertheless, eenne Tory MPs 
are aHready wom^ that the 
SDP has a march on the 

Oonservfttive Party by eaUk^ 


for these, refonns;- iaad may ti7 
to persuade the (lloveraiinoot af 
teagf -jp oommit itself to deating 
witii tbem idk a 
ment ^ 

The- SDP -.is- s{ilht- 
whole qttestioa Of trade, uhion 
TeUass, and intends to use ^' 
Comarnttee Stage to demonsi^ 
tbe djftriiW^ yimeas- <.'b£-.- .-ztB 
' nproach.-to- -trade mnmL^leririfr: 
tioD. end to dlstaDce jtsrif £nMh 
' tfie- Tszi^ ' ,".T 

Mra-Shij^' 

, Motiday-.VD^'^ ^.BIE wft; 
^jonrideEtelfb • . - -lesetyatipiiis, 
at iwrip t!^ tolriifljfy 
ooatic^ grid , the- BEIL •VW 

like tire riuate%. a@g, .-** goad ad 
bed in i parts.” • - : 

Vt weigMsd Ite scales, asatnst 
trade* unioDS and trade 
faembezs inttt legirih^ griev>. 
annes^ ' and !enflb8ed -:empioyera 
to 4ttiriireiBi wilhout ne£^. 
33te iim&t -<m-' dazoages ■ 
could be anvsitded- agai^ trade 
luiTiMia in tiet p roeo at kitF also; 

iiofflTff.fl **puiiltive]|y .hv^u” riie 
said. • 

B^ rite dakhed -the BCS wu 
right to. protect indiyidcaB- 
agahst-'the nniwse--'of. 
power, 'i&t was why the SDI^ 
bad.sDpiqirted;it ' 






- ■■-■-'So 


John Wyi«i infinsNla 


;:iai 

rMR MTCP AEL FOOT 
yesterday - to head. off . pp^ibl^^ 
between . E^..s6ri^!®.' 
'partirii 'and .the- ^da L' 

^vith 

assurahoe tiiht.- ICl;. 

“ ^ea Ufeeiitbod^ nhaiLiabTOtQ 
^'■CbutesL the • 

for European 

gpiiid- - 

*iaf a .'I^heu ’gbvri^^. M^ 

^'rihgi .of '- 1 ^ -ctmixBitted.' 

wlthdzuv^^m the' SSBUrUid^. 

then reneii^- its 

in ' Cdinauwfy . institritioiB _ ^ 

not - based "QS. . e- Itecbioh.- 
Labourik::: hatimiri''' mazti^--.« 
wwtimirii^. . wag > gfcym : herte. .to '* 
members of .the. •' e^uUve itoC, 

.the. ;Umoh!raC-/EBC. Sodalist 

•.Parties. 7-'..^. 


No limit on 



BY Kia RfDDBA. POLITTCAL EDriOR 


THE GOVERNMENT hop^ tiiat 
share ownership in the new 
Bratoil' exploration and prodoc-' 
tkm company will be as widely- 
held as possible but it b un- 
will^ to write legri limits 
into the OQ and Gas (Enter- 
prise) BUL 


This was indicated yesterdey 
by Mr Bamirii Gray, the -Mlni- 
8ter of State at the Depeitme^ 
of Energy^ during tiie Bill’k 
cozB^ttee stage, was 

before the defeat of an Opposi- 
tion amendment seeking to linUt 
the size of riiareboidix^ and to 
prohibit foreign purchases. 


Ur Peter Roet. (Cem Derby- 
shire South-East), had ^re^d 
omemn on point and 

sought more detailed guarantees 
about bow vrider share owner- 
ship could be achieved. He 
hoped the issue -would be on a 


NorthemTmst Corporation 

and Subsidiaries including 

The NorihemThistBank 

CbdeaigOilIlxnois 
Ert^isliadlSSO « Member EDXC. 


THE DIRECTORS 


PHUJPw.K. sweet; JR. 

ChaimmB of tbe Bond 
• Jfartbaoi That C mpiirfim and 
Tbe Mestbam Ihiat OmqiBqy- 


CHAKLES H. BABBOW 

N uctb em'IhMtCotp nnrt i nn and 

IbeNortbamThgtCongie ay 


DAVXDWKIX 

•yiceChaianap. ^ 

N<Btb8ra Thmt OsponticBi Old 
The Northeoi That CoDipany 


KABI.D.BAXS 

Quhnam 

Amcican Hospital Supply 
CecpondioiL 


SILAS S. QUHCABT 

ChasunB 

IDiiiaiB Tbol'midm haa 


JAMES W.CXIZAD 
Executive Vtoe Fnridoife 
SCandeid Oil CoKDpciw (^ni^eiia) 


ALBERT B. DICE Za 
CbainxiBn of the Beeid 
A. B. Dick CooipBiu- 


WESLEY M. DlXOt^ JB. 

Obaboun 

6.D.Seede&Go. 


EDWARD S. DONNELL 
Cbainiiaa 

MontgomayTOidAOo., 

Ju u oi paceted 


mVID W. GRAINGER 
Chaimieii aad PKeideab 
WW. Gnringeo Inc. 


CHARLES W LAKE, JB. 

CbaiRnan eC tile Bead 

2. B. Samdl^r & Seas Chnpeqy 


WILLIAM G.ME 


R eeMent 
CgitTJ.'MepfaooeA'DTffitaes 
CksBpcntioB 


■wnXEAMA.POGUE 

Cbeiniixa sod R9eadeB& 
CBI LidiiBtries, Ine. 


JOHNS.REED- 

ChainBflD 

flgnfai ia>- Ttw^i ml-riwa, Tne. 


GDJBEKF EL SCB^BNEBt KCp 

Chsinxiait 

StrihlWTACDw 


EDRaED BYRON SMITH 

Hiononiy Chaxnnan of ite Bocod 
Northaoi Snst CbzpnaliixL 


HAROLD BYBONSMTIH^JB. 

fgigfmianoft be 
Eseentive Omniniiboo 
lOiiiris Tbd WbdsB &B, 


WnJUAMD.SMCrHBUBG 

Flesideat 


H. NORMAN STAUB 
}{etued Cfaiitziian of the Board 
NoRha Itawt Capenataon and 
The Nextban Ihufe CoqMqy 


Cohaoilidated Stetemoit of Condition. 


December 31 
1981 




Assets 

Oishnnd Due from Banks- 

Xn-vustanent Securities 
U.S. G<W BmTTlgBt - 

FrijeralAj^ncy send other 

OldigatioDS of States and FoUticalSubdivjcdons. • . . 

Ibtal - 

Trading Accourit Securities 

Mamy Market Assets 

. Ebdezal Funds Sold and Securities Purchased 

under Agreements to Resell. 

Time D^iosits withBanks^liiteDiatiorial 

Other. - - 



Loans— 

— International 

Tbtal 

Reserve &rli 0 en.li 0 sses 

Lease Finandng 

Buildii^ and Equipment 

Custoiners’ Acceptance liability 

Other Assets 

Tbtal 


LifllwlTHeg 

Deporits 


Savings and NOW Aceoauts .. . 


Tbtal Deposits 

EedeisIFi&ids Purchased and Other Borrowings. . . .. 

NotePByablB 

Accroedlksesand Other Expenses 

Dividend Decilazed - 

IJabiliiyomAcoqrtaiices. 

7 .la’hilHaag 


abtalZiabSzties.^ 6,919,367 


StodMdeis' fiqmfy 

Pie&ixed Stock— No Par Value 

XUU(J.0IXIlIiiiiw iiiilTmiriiiTTiiil 1111111111(111 rnTTn ■nilTlHIHIPTti'rirft 

C(miniotiSto(xk --510 Par Value. 

1981 I960 


TJMMJWQ 7,000JXn 

, 5,125,000 5,125,000 

ShiiM 4,840,075 ^800,00(k 

Capital Snrphos 

•Piri-arnail PjirningB 125,604 


ii39BQ 


Tbtal Sfeodtholderri Equity* 


(Ixt^DiaiHnids) 

$601^71 

9 799,058 

204,530 

220,864 

104,556 

106,572 

214.261 

244.032 

523,347 

571A68 

126,988 

69,457 

132,136 

228,050 

955,322 

795,583 

83.399 

25.833 

1,170,857 

1.049.471 

2,614,133 

2,260,319 

727,172 

-604.613 

3.341.305 

2.864.S32 

(34,306) 

(27,477) 

15,569 

18,747 

92,161 

89,064 

244,073 

292,399 

156.051 

121.413 

66,237, €16 

95,848,532 

91,215,473 

91,275,913 

963,150 

786,283 

1,021,151 

864,096 

1.114A09 

I.236.7SI 

4,314,383 

4,163,073 

1,186,117 

949,276 

30,000 

30,000 

112,515 

99,005 

3,291 

2,928 

244,073 

292,399 

28.988 

18.086 

6,919,367 

6,564,767 

51,250 

51,250 

151,680 

151,673 

125,604 

102,574 

(10.2851 

(11.7321 

318.249 

293.765 

96,237,616 

95,848,532 


Tke Northern Thi^ Bank 

Man Offiem 50 South La Salfe Steefv Gldcago^ lEinris 60675 
B<nid T^p rnTflTitnlin** 

TnWflH« naiHtMiA«: 3LaDdon.Hbii^Koni& Cavman Tatmds 
HdgeAci Sid>ridiarie5: The Northern ^Qnsb Lxbeniat&nal 
Banking Coap(xxti(Bs, New Ifiak; Ncfrthem Tkusb 
Tp^i piyrngri rraTi Bmk^ Mvam? 


Snbadiaries of Norflicm TQrost Coipo^ 

SecnxHy CoB^any of Napiee; Flodda 

Secirnty Tnot Coupes of Prim Beadi,nori^ 
Somrity Trost Company of SeremisNA., FImkia 
The Norihezn Iknst Company of AzBOBa, Phoenix 
NorinetPhxmhfouageiiiant, Inc., Chkago 

j nfRww - Oak Bw^ jdgnphfe md Sm 




“more widespread. and frirer'* 
basu than recent ones such as 
Cable and Wireless. 

Opposition MPs from various 
parties were critical of the 
appolntmmit of Rothsriulds as 
jnerehazrt bankers to the sale 
and argued for ihe use of 
Scottirii advisers. 

Mr Tam Dalyell. (Lab. West 
Lothian), and Mr Dick Dou^as 
(Lab. Dunfemline), both asked 
(laestioQs about wUch advisers 
in the Govermnent or the 
Britirii Natimial OD Corpor- 
ation bad suggested the split- 
ting of BNOC. 

This point was pressed during 
a still unflziiriied debate on an 
amendment from Mr Trevor 
Skeet, (Con. Bedford), who 
opposes the splitting up (ff 


BNOC and Is sug^^ng ihat it 
should be sold as an integrated 
group. _ 

' Mr Skeet argnes that the 
present intention to liave^ a 
separate pubtiriy oemed tradi ng 
operation miriit fall foul of a 
drop in world oil .prices. Mr 
Skeefs amendment ' is being 
supported by Lri>our mend>ers 
who. despite their opposition to 
“privatisation" favour tiie 
retention of an integrated 
BNOC as a second best solution. 

In reply Mr Gray said that 
discussions between the 
Government and the bosM of 
a pi^Uc corporatkm sudi as 
BNOC were confidential, ^w- 
ever, he said that Xiord Kearton, 
the first rixairman of BNOC, 
favoured Ihe spilit 


Time found 
for IJoyd V 
debate 


• -itaRah mid'ikuQdi\inpime»';;» 
• tativea. ' iu«. .briieved to han^ 

' polsted.oiri-1hail3ieSDP.Gbii!d.-r.9; 
- take 'lAboux^s - .in 

' Enweatt’-iPartirinmitf^ ,lfchj 
vFoofs •veBemOnt . zeoranse 
that!7hi .^V>iM>aiingf : SOcii^ 


By EGimw Goqidma^'' ■ 
Pditica} Co'rvespondent- 






*T A- ^ 


T^ LIDYD’S Bni now lo(*s: ‘ : : 

likely to complete its pastege ' .• 
tiiroh'gh ^G nmirifins ;VritBiii * - 
the next few we^:.i 
MPs are- to -dri>ate it. on -.the-' 

evening of February 22. Dri>ates dudedTaf smaR-'^eiv^ - 

usual^ -end at'lO' put W ite' 
di^iiity, efarinnan of • the '<5ai^ 

mons ways arid means temizdtteq . arid ' eleeb^ She . . 

has asi^ for the hiIe7-tD:^ . 'foBnri:r:>-pqri£aenti^- 
suspehded. This meias'^d^afel Narigaritl^i^iftrsJTT^^ 
can continue fhiou^ tteuiriit In -etectfods for. .Ihe-. .leedris^?*-' 
whieh should' p revei r^lffie - shii^-^ -ai^'»fi4-meBi)er^ 
being taik^pnt • - 
H opponenfsofJhtHBfi*®^: 
to give up hope of stnpi^ it, ™ 

another evening-’ debate, will wJnyinciBgw ^ . 

have to be^f^SortheRepoft 


Howe urges EEC effort 
on U.S. interest rates . 




BY IVOR OWB4 


SIR GEOFFREY HOWE, tile 
Ctaancellor of the Exchequer, 
yesterday called for anolher 
concerted effort by the EEC to 
impress on -tiie autiunities In 
Wo^iingtcm the mounting con- 
am in Europe over, tiie pn>- 
jected size o£ 'U.8. budget - 
deficits. 

Is. (Question TTme exchanges . 
In the Commons Mr Teresiee 
wig^ns (Con Worthing), a 
leading member of tiie Treasury 
select committee, suggested that 
in the light of recent statements 
by Mr Paul Volcker, chairman 
of the U.S. Federal Reserve, 
representaticKts should be made 
to Congressional leadens as well 
as to members tiie Reagan 
Administration. 

He stressed: “The scope for 
reducing UK interest rates, 
even if the monetary aggregates 
are moving in Ihe ri^t direc- 
tiOQ. is extremely limited while 
U.S. interest rates remain hlrii.” 

Endorsing this view, the 
Cbascellor said: “While we do 
not claim that U.S. interest 
rates are the sole influence on 
our own they do have a very 
powerful effect.” 

It was important that Britain 
and other European countries 


should make plain their concern 
about the prospective leydL of 
UB. Budget- deficits - - 
The European nations had 
made an approach to the UJ?. 
authorities and he promised to 
consider the' p6^bility-of-coh- 
tacting-Coagress/OQal-ieaders. •* 
Hr ]^ter - Shore, - Labour's 
shadow Oiancellor,' -recalled 
that the cat in Muiiimnn land- 
ing Rate to 12 per cent in lari 
year's Budget had been the 
main justification of the fiscal 
deflation which had accom- 
panied the Chancrilor’s pro- 
posals. * “ 

He (fiaimed that one of the 
major reasons for interest rates 
having geme up during the year 
was the aboUtion of exdiange 
controls. 

Sir Geoffrey replied that the 
balance of view which emerged', 
from a recent discussion on this 
issue in the National Economic 
Development Council was that 
the iinpaot of tbe abolition of 
exchange controls on interest 
rates bad been very snu^ 

On the other hand, tiie aboli- 
tiOD of exchange controls had 
brought the sterling exchange 
rate to a lower levri than it 
would otherwise have been. 


tomeetcoi^deraUeepporiti ::imiiediatriy 

Tiie mam .problem: ;fw-the -ooofini^ 1 h.fr ^ -^eetion. ':^- 

B0I^ sponsors ViU be. kfeeptog- 

enou^ si 4 >pi 0 rtets to 'tim fiinite -thh CboservKtive .. -r' 

thioughout the hi^t Thay ySir J'smesL: A-!fi»ntor Ju^ 
need-«asoogh MFs .to'vote for.-- -.Minister ‘ of Agricudtnre. ; bad * 


dosure, md to defo^^cqiEPoneis^ rierer. ^be^re.'been'. <^ 

AM* AmjMMlvnMte ‘ Ciw -43 ,b ' w 


on' amendzoents.' - ‘ 

- oliier 

' for 

v.-'."' abinc.tiffier'“; -'r 

• : Sir 3eniy, -Whose ‘teadetriup*^^^ 

- • -.- of tiie BritiriL agricultural lobbs^-^ 
..to-Eofoipe^.t^ytt chal't*; 

,)ei»id« began, his tern 

an . AGREIEMeNT- ^ dent witit'A f^’to the Goverfi-ij 

drawn up to eprirre tori:, civil ;.Bieht.'JM>t to '-kAoiiijk- tins year’s 
servants recrivingptiM- tune off - finim : 
for tnufe- uoioQ duties - - --- r 

fuBy aecinmt for k, .fbe Tnmg 

Minister d&<fiosed yesterils^^ - 


Actipn.f]^ 






Next week in parliament 


COMMONS 

Monday; Hops Marketing 
Bill, remrining stages: debate 
on procedure. 

Ttresday: Rate Support Grant 
(Increase) Order, supplemen- 
tary Report (England); Welsh 
Rate Support Gramt Report; 
Supplementary report. 

Wednesday; Canada BiU, 
Second Reeding. 

Thursday; National HeaUfi 
Service (Determination of 
Regtons) Order (Constitution of 
District Health Authorities) 
Order, and (Deterntination of 
Distrirts) Order. 

FrhUy: Private Members’ 

Bills. 

LORDS 

Monday: Copyright Act 

(Amendment) Bill, Secnod 
Steading; debates oa science and 


government, and on tidal power 
from the Severn Estuary. 

Tuesday; *5ocial Securily 
(Contributions) (Mariners) 
Amendment Regulations: Local 
Government (MisceUaneous 
Provisions) BUJ. Second Read- 
ing; Junior Hospital- Doctors 
Bill, Second Reading short- 
debete on personal safdjogs and 
bousins markets. 

Ti Wedesday: deftmte on ne^ 
for a better educated working 
populattoo; Salmou Fisheries 
(Ppotection') . (Scotiaad) BiU, 
Second Reading. 

Thursday: Weeteru Isks 

Island Council Order (Confirma- 
tion Bill, Report; Trasspoat 
(Finance) BUL Committee; 
Leasehold Reform BiU. Second 


ReadhK; Opticians Act (Amerid- 
ment) Bill, Second Reading. 


tioo , of time . 

tightened up tozougb toe istep- -rtrig yig ptbm .. 

ductiem of an a n niiafl abtod’ neA .'wei^'. ’wiili. KKe 

. She (xmfiriE^ diutifig 'Com- seteiri~rtedii^..df Its Bill^to . 
m op F (ioestioai Itoie that' tiste sari to Gnadapototeigoity^ 
off ^ven fO ’CSvit Servants, for- itexiwnmBA^ j 

union dutite was' costi^ - toe- l^ m,: Lerf er ^ : toe " Comnyns; 
country around £14m a-year.' ~ anstoonced- yeeterdny. ... ~ - 

Mr Tim Bggar (Con, Enfield 

Noi^ who nu^ ■ 

dauned tro .off cost Gov- Ijie stat^f* (Jftfibcc had 

? iSE^iv *thil groups reprteentiDg' Nottt 
portJonat^, as it lart^n the 'AmeSmi’Didiais; ■- 

pnvate sector. . 'Government and ,-1be 

Mrs srid/^ployBra Labour- lOppteitiiDa.- • 

were legaBy hound to ri^'staff supporting- .toe. .GovenunriA .4n . 
time' off, both for industrial toe Bfll. fesr that .hrifvidii^' 
relations and purely trade union Mft’ who have be^ 
activjiffeg. intenitive'khbying o'terto^:p^ ' 

On the new Civil Serrice pro- yw,'4 may prolong , toe B^; 
posals she said it had been con- pass^, • with tong " diseussioo: . 
eluded that changes toould. be The' (fovezhinent - cleari^ 
made "to -eiemro tlKM.- -who - h<q>te MFs .wiB be 
receive paid time off atoonnt ' overtook^ nunor' ifilocies in 
property for their use -of it.". drafting * of the: riidh''.:te • 

“The allocation of time ofT -a. ementli^to.-aR'Cri^^ 
should be rertewed at;.le^ '<tiim.'cititehs,v'ii^irii^ .n% 
azinuany," she added.- ' hmiiibahi^-'l^^ri^' to-To^.;. 

TTie provisions were beiAg- - T ' 1', ’•'.*1 ' 

negotiated .'With the-unioos. -- .-tv -'' . - -‘1 x*' 

Mrs Thatcher also revealed JLIemOCranC uniOllISIS - 
.during Question Time -that she 

has sent a pertonal letter -to tO n^tiMUtnjn^ 

tw serv^ THE7-'’-Dwn^tic>^^ 

cfcrte to get ante wik dtutog- jpifty.' led &n- 

the rail dispute. . Pateley.- . decided yesterday ttf > 

She bad “dropped a’linf-” to fifiht itlije VpaHfameiitary ' .hy- 
one who Imd wallted‘14 mDa eltetion -to'-Souto B^ari- dn'' , 
into work and another-vrito had^ March .A . ■ . 
trekked 12 miles. ^0. did . not Xhe- parly''VLll. .chcKi6e a '• 
name them. ~ dxdate .. tomorrow • to . chalTenge't 

In the fifth 'weto: of tife -Atief the. -OfficiaX'; .Unumist J .Far^,.- 
dispute she again prazted com- w^li< is': .fieldin|f-"toe _-Rc^; : 
monterx for' toefo.-'.“betote-' Sfortin iff' tSe.. 

^orte” m getting into:’to^ -- Ora^-Order. - 











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66 UK/Belgiim^to^ 


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UK NEWS = LABOUR 



papers which shed iiew light on the dispute . 

it i^iiaiQis how it wants to use drivers’ time 


■■ 

' •? •: ^ 

: 

>■ ■• 

"-i 

' ' 'V 

-■ r * 


■ ■■;Cs 


Hjiro- 


But, 


- ‘'<1 


. .iV-?; 



FXJBSQBLB los^l^in^ eeCTs -.ao.: 
obscure 

and tile AasodfaM SaeietT- jof 
LocomoOre Sognieeis 
jnent to be jargaii% over'-iet^e • 
■ increasingly bitter and i- fiBan- 
' damaging -aenea*- .«f 
'Strite •■ ■.■.■ .‘ V- ■ 

BR.bas' laid.gFeat Atieiti -on 
importance ' of necsiriJig' 
•aceasitaiioe' Of Ite^le n^ferisg 
£f 09 ‘ Adtf''ni' terzDS' of the 
of the its 

-parh Adef has insets a niajn- 
teiTdng V» • sanetity. of the 
: e^tJKKOH^; gtm 

owa.:-. ... - ... 

. it'has so far been nndear ho>^ 
.flesjble raters ^vork ^d 
how" they compan witb present 
mrazigenttnis. For .the first 
time* ^ Boani papers being 
.exsmin^.^ the -independent 
inquiry inl<>.the dispute, Chaired 
by I«owf-3fcCartby, give. : in- 

gij^t'tetedheir propos^ opera- 

: The tiao tables dtow present 
and iart^dsed rosters for drivers 
at -SR- risasterh' Region's York 
diqint:.': nte present rosters are 
.all Jnsed. OD ei^t-hoizr shifts. 
Vbile . they dor. contain mixed 
staxtiteT • times — for ' example 
Wedc '5 in the table — ^tbey tend 
m vary aroui^ a.rou^y rizni- 

lar ftartfng time. - 

. The flexible rostering orrang^ 
meats are- mticb-teore varied, 
both in their stuting times and 
in' tbq,dnration''of.''their diifts. 
-Week .B .-in- ith'e 'table, for 
instance,:. shows ^carting- times 
. in the stphe iweek ranging &om 
7.40 anrto -13.11 pny.inlh shift 
times varying from seven to 
ei^t hours. 

Tb& average vrotkaag week 
^fT0r tiie eigbtweek. o^e b 39 
ixfl^-^'btzt the wodting ^time 
.-varies'. ,cionsiderabir<~. from ‘ just' 


oyey 80 Imors to. 45 bour& 
According to another BR 
'Raper, thoueh, the etihc£ on 
payment of driven should , be 
evened out Employees will be 
. guaranteed and paid the rate 
fhr^a 394Kmr -week. . ' 

BR accepts that the flexible 
Arangements could make . it 
more . difBcult for 'drivers •' to 
swop ‘abifts om/tnff 
and -BR. ofBctets acknowledge 
privately that one of the effe^ - 
d -Qie new system wiU be. to 
. cnf .down <m staff mooiiltghting. 

However, BR is confident tiiat 
once drivers are working the 
ss^tem, they will see its advan- 
tages— mainly in more tinig off- 
which can be gnupdd to' give 
a number of days off at a 
stretch. 

. Attotiier BR paper, based 
again on the York depot roster- 
ing exanmle, shows, for example, 
that the instances of the group- 
ing of rest days- on ^ Saturday, 
Monday and .Tuesday, or Friday. 
Saturday and BiEond^ will rise 
from none at present to 16. 

The number, of rest days per 
eigh weeks rises from e^ht to 
9.1, and .the number irf shifts 
starting at unsorial Tiours— 
between itridmighi- and 5 am— 
should fall from 102 to .70. 

The paper Aows tiiat aU.254 
present weeks of work range 
between 35 and 40 hours. Under 
Ihe Deyr system^ iMg . would 
change to 27-30 hours (1>; 30>- 
35 (37): 3540 (124); 4041 ^); 
4143 (32); and 4345 (25). 

- Arief members feel that such 
'Wide variations, apart from 
bzwakutg the s^aeraent on an 
eij^ 4iour day, .will consider- 
ably increase the time spent at 
and travelling to and from work, 
and 'Will .cut hta'riiy into 
■workers’ spare time. 

Current BR practice contrasts 


FLEXIBLE ROSTERING— PROPOSED PRACTICE 


Week) 
Week 2 
Weeks 
Week 4 
Weeks 
Week6 
Week 7 
Weeks 


Stirtins Heure Startkis Heura Steitlog Hours 
tlnio ww tune vfk6 time w*ic d 

RD* 13.11 7il0 . 1TJ8 7,0 0 

T3J» 7.00 RP 1235 MO 

10J0 8.00 tojo mo RD 
15J0 SnO 1448 847 1400 8A0 

07.74 &31 08JD 8.00 0830 3j00 

173g 9.00 ^7JS 9JD 77J5 9J0 

RD ARDt 13J0 8.00 

07.40 7J» RD 09 JO 8J» 


Week 7 RD ARDt i: 

Weeks 07.40 7.S8 RD 0« 

Avetage 39 hours a week over eight weeks • 
RD*=RestDay. ARDi=Additionar Rest Day 


Starting Hours 
_ time w'kjd 

10.17~7n0 

I 3J0 yj5 

0730 8J6 

RD 

0830 ono 
1735 9 jOO 
13A9 7JBO 
13.11 7il0 


Starting Hours 
tim e w*kd 

835 

1235 830 

0730 836 

1339 7.00 

RP 

1735 930 
1339 7.00 
08.^ 830 


(Table 2) 

Sat 

1 

Starting Hours 
tim e • w’fcd 1 

835 

1230 830 

1030 830 

1330 830 

10.17 730 

;RD 

1330 M7 
0830 830 


Wtarking 

time 

tllM 

for «mak.- 


JROSTERING-^PRESEN^ PBAC^ICE(Table 1) 


Week I, 

Jffaekl 

- Week 3 
Week 4 

We^S 
Week 4 


•Monl '.Tues,' 

RD* -1130 
033t • RP;.- 

1235 - - 1235 
0531 0740 

0740 0940 

19.13 19.13 


Starting times 
Wed. . Thurs. 


Frl Sat 

0939 1138 

0330-- 0330 

1Z3S 'J44S 
0730 0730 

RD ; 1039 
-19.13. . ' RD 


■f Rp>41mDar. Rostesingtaeever24 werics in total 


shia^ly .with that of other 
major European countries, 
according to the findings in a 
further BR paper. In all four 
comriries examined— France, 
West Germany. Holland and 
S'weden — variable day rostering 
is normal practice. BR is seek- 
ing shift lengths of between 
seven and nine hours. 

BR has also included in its 
evidence to the McCarthy 
inquhy a draft agrement on 
flexible rostering for drivers, 
which of course has not yet 
been agreed with Aslef. . 

In line ■with agreements 
already reached for guards, sta- 
tion workers and white-collat; 
staff, the draft agreement'says: 
“To eliininate the maximum 
amount of unproductive work 
from footplate progranunes, it 
is necessary to be able to vary 
tiieir length between the widest 
limits possible.’’ 

• The likelihood of Aslef mexnr 
be'rs accepting such an agree- 
ment is slim, accoT^g to the 
union. Confidential minutes of 
a meeting.be:^en BR and its 
three ■unions last month show 
that As]^;feel tiiat “the Board 
proposals were unworkable— 
this was the 'view of the men 
at the depots to whom the pro- 
posals had been put. 

“(Aslef) had never known 
such strong feeling among its 
membership and it 'was quite 
certain that the footplate staff 
themselves . would not accept 
flexible rostering. It was not 
felt that the Bodrd recognised 


Muuay speaks nmon ties 
Mik pdostry pid (^vemment 


BY JCHW-UjOTB. UBOUR'SDITOS 


>MK XEN ifCnaiAY, .the.lTUC ‘ineclwiilsm,*’ , thooA 'their 
gepenu seowtary, gave a. stu^ vpotentiai had not been realised. 

tile NEDC'did not exist. 
^ trip^te .qjqjj ^ would have to invent 
• IL That is the minimal argu- 

His flrrtr suppon of Govern- ment for the NEDCi. 
a^t-ixrini^-uiiioU dialogue, important is the 

^e n^ ttiOTe ^ rontobu- constant and regular exposure 

of Government to the riews of 
5efuMr^4 /prawt of both sides of industry, and the 

Sto(^ le^s, IS significant. . pogsSbilitws it opens up for en- 
. It comes 'at a -time when the eburaging action lower down 
. TI^s hoi^T^d. pj^cipatlon the line.” 

He used his speech also to 
th^^^?n^.Bcoiiomm Develop warn the Government that it 
. mefft CounoLf is under attack- ,^4 strong. TUC. 

TOC, led resistance” if it attempted to 
■J?L scale down or dismantle tiie 

■Tianspo^and Gauerai Workers. Manpower 'Snvices nn Tnmissi nn- 

Mr Bbm^,;-8ri!d , ti^^ the after the replacement -of Sir 
..ICE3^ and-ite 'sector -working Ridhard O’Brien, the presrat 
. “a valuable cbmrman, 1^'Mr Xlarid Yoiihg^ 

uiiibn^r^^ 

■ STAFF 

XJSAlSBBR -‘df-. 'Times News- anedes lii^. - . 

papers'' 'undpn yestc x day -A sritior.'UZtton bffioal-'said: 
-laM Tn«npg(*m^ » that thepy -were ‘''We have come to'- the firm 
n^'prepared.to negotiate on the conrinsion that we are not pr^ 
mai ^ny ^ fail for- 6(K1 .i^.ond- pared to negotiate on the basis 
ibiciea -ihe' duress of -jl piXt forwaid by Ur M'uxdoch. 


deSdlinel:- 


However. 'Times - New^pers 


The dedsfoo to reject Ur rematoed adamant last oighf 
Rupert. Uaidocfa’s ifltimatum . that it waszMt i»^>ared to with- 


was tak& -at-a mbetbig -<ff dvaw iis'call foe toe job cuts 
Natiomd Scxdety of Operative and. the agremneret of voluntary 
Prhitm..' and' Gtaphlcai' Ter- r6dundahota.by,- 10 am. Thui^ 
sobael (Natsopa) ofBeials repre- day next 'tveek. 
seittnigover full-time stuff •* The : i^posals - are viW to 
and 450 workers. - the future of company .and- toe 

Aft^ the meeting toe uuon deadline' has been imposed on 
tajd toe management that toe us by' the .rate, at wlueh. toe 
ehapris (office branches) bad ■ money is nrnning .out,” Ur 
».naTrrimfiiTi<iy .'-deoided "to With- Aithur -Bnttenden, dir^or of 
'draw'.ftoxn negotiatioiDS unless corporate toletioas, saad.- 
toe^' idtiraatUBi threatening '. Natsdp'a officiais returned to 
closm' of- , toe- oauers - was liKmes Newgiapers for furOiM 
removed, and a! deadline of: talks last in an anemptto 
'nuusday for vbluota^ redund- find a way round toe intoasse. 


Mr Murray said that there 
was substantial l agreement 
:between , the CBI ■aha the TUC 
on some matters. Including the 
k^ area <ff profitability, and 
on the principle of Government 
intervention. 

“Here I would have thought 
the argument between the TUC 
and CBI is. about the balance to 
‘be struck; the option of not 
intervening at all does not exist 
Nor is there a baric disagree- 
ment riXMit profitabilv^, -either 
in terms df improving the exist- 
ing level, ,'or in terms of long- 
tenn needs -i£ our assete are to 
be renewed imd improTOd.” 

At . the heart of his case, he 
said, was the argument for 
industrial democracy, which was 
not merely one about the fonn 
it should .take. 


BA ramp staff 
vote to 

continue action 

By Brian CSreoin, Labour Staff 

A MEETING of -2300 British 
Airways ' ramp workers at 
Heathrow Airport ■voted yes- 
triday to continne the action 
over ■ new work sebodnies 
which has disrupted flights 
for toe past three days. 

But B.4 again improved Its 
service with the help of 
pilots and other staff- who 
volunteered, many on their 
days' "off, to undertake 
baggage-loading and other 
jobs. 

BA operated 75 per cent of 
European and domestic 
flights, and expects to achieve 
.79 per cent of departnres and 
78 pri" cent of arrivals today. 

More talks on toe dispute 
In toe National Joint CouncQ 
for Civil Air Transport took 
pEue last night. • 


Itekers hoM up UiaiB^ gates 


' SY>lfCK .GARFMtr, NORTHaW CCRRESPONpEMT 

stocking ioCKBRS on toe The' ^nstnictqr, a; 

T^' are due Whsld a mass -aeveland consoriaum, .is fight- 
mtating this morning after talks ing to maintain its cop^ctaal 
with the manufacturers- of the obkga^n to . Grpatw London 
Thames Barrier floodgates. •*n»e,. CcHipciJ and toe ISCmst^^ of 
mfai »e under pressw« to t^uijly toe 

SSas^^three of the -gates; • The Issue has- .been cloud^ 

- ^ by a claim from Cleveland Off- 
strayed by the . . . shore that Part Clarence on the. 

.The iS^eek'stwp^e at Tees - .ji^gg * where :itbe. gates are, is 
H6A has held up vital eguif^ outside toe area covert by the 


mdht for a project that has 
drawn more attention than 
aitQost any other -coostiuefion 


Tees/ where -the.' gates- are, is 
outside toe area coverejl by the 
^dock'ihbour sefawe. 

The compa^' says that -in 
consequence the relevant load-* 


— — — — - — UO/BiOCagMBAavta MIta * wow • 

The meat on strike seek iog operation is ** not . dock 
a piff rise in Itoe wito' iafia<t!ion work:'^ The' Transport and^ 
and:' no productivity strings. General Woricers’ Union, rep*. 
/Rie manufacturers and trans- resenting the 535 dockers on . 

PflMeis of the 10 sates for the strike, s^ it i& 

L .. , xm AltTinnoR tTis-nnrf authority 


*nijunes barrier have .Cried for 
nea^ three mooths to load up 


Altoou^' the' port authority 
nude a.snrplus. last year of £2m , 


neouj’ uiLvc immuB w wm* — — — ^ 

and- shto . out toe final three .before tax, .Teefr Dock Iwt f2m. 
s^hes. - Total tonm^ it handled lu- 


tM^tfaout toe hairier can- eluding Dateun cars, steel ex- 

notbe conhtiet^ to tone for ports and. general cargo, 
November, -toe capital accounted -for about Im tonnto 

^nerahle- 'tb the Ingfa of the. 39m handled by. the. 

predicted- &r next winter. autbernty as a whole. • • 


' Tees Dock received 200 more 
dockers when Middlesbiou^ 
Dock do^ in .1980, though, 
about 100 jobs have been shed 
voluntarily. 

The authority orU^ally 
sought, two productivity im- 
provements. One was elimina- 
tion' of “ non- jobs.” . 

It refuses to specify what 
these . are. and the union 
demes -sueh a practice, but it 
might T^er to. rostering, of 
some dockets for part of a 
shift when for a short period 
a particular elemeot of ntixed 
cargo ' requires a higher man- 
ning' level' for handling than 
toe .rest of the cargo. 

SeoHidly. it looked for 
tiitoter wifluning to tonnage 
ratioSr TUls, it says, in effect 
'rim^' - means ' apph- 

cMiui Of the 1975 manniDg 
ammgemftnts. an update -of the 
19M agreehient, which were 
accepted toe union. 


this strength of feeling.” 

BR believes that Ur Ray 
Buckton. .^slef general secre- 
tai^', and Mr Bill Ronksley, 
then Aslef president, signed in 
good faith last August’s under- 
standings on pay and produc- 
tivity worked out under the 
au^ices of toe Advisory, Con- 
ciliation and Arbitration Ser- 
vice. 

However, BR officials priva- 
tely feel that, having done so. 
the union's two officials were 
unable to sell the proposals to 
their tough-minded executive, 
let alone to the union’s mem- 
bers, and that it was Bfr Ronks- 
ley’s signing of the deal which 
led directly to his being 
moved from the union's 
preridency and replaced by Mr 
Derrick'FuUick. 


BR thinks that Aslef has not 
yet produced aiyr sustainable 
opposition to flexible rostering, 
beyond toe 1919 argument and 
.the level of membership opposi- 
tion, but hidden behind the tact 
that the issue has not been fully 
processed through the indus- 
try's machinery of negotiation. 

Flexible rostering, rather 
than the payment of toe dis- 
puted 3. per' cent, is likriy to be 
the key issue facing the 
McCarthy inquiry. Indications 
,are that if the inquiry favoors 
either side, that side will 
accept it — but the other may 
not 

So if BR’s futorehangs on 
the ^estion, toe outcome of 
the inquiry may leave it in 
suspense for some little time 
yet. 


Hessey 
sacks sit-in 
workers 
at Bathgate 

By Marie Meredith, . 

Seocdsh Correspond^ 

PLESSEY yesterday dis- 
missed the workers occni^ing 
its capacitor plant at Bath- 
gate, near Edi^itr^ for the 
past three weeks In protest 
against tte company^ .plans 
to shot the factory. - 

The company said the dis- 
missal notice meant that 
workers had forfeited tiieir 
rediutdaiicy pay* which could 
be over £lfi00 tot long 
service employees. ' 

The workris would also lose 
a .week’s wages which toe 
company were unable to pay 
• becuse their adminfstration 
building had been taken over 
when payments were ■ to be 
made. 

Plessey wants to close the 
factoiy hy the end of March 
because of tW dwindliiig 
market for capacitors. 

But /commuziity and' 'trade 
union. 'support for the sit-in 
by about 200 workers — mostly 
wome»— has been growing. 

On Wednesday, about 200 
trade union deletes drew up 
plans for “flying demon- 
strations” to be hurried to 
the factory gates should 
Plessey insist that bailifib be 
smit to evict the workers. 

The company has already 
won an injunction to reclaim 
the plant. 


General Accident 
stajff ease action 
during pay ballot 

BY BRIAN GROOM, LABOm STAFF 


SANCnrONS imposed' by 
URions two weeks ago in a pay 
; dispute at General Accident, 
■toe leading motor insurer, have 
been partially lifted while staff 
vote on a new offer. 

The Association of Scientific, 
Technical and Managerial Staffs, 
toe biggest union with 5,500 
members out of the 10300 staff, 
S recofmfflending acceptance of 
the -offer which comprises an 
$ per cent salary increase and 
an immediate 1.75 per cent 
lump sum. 

The previous offer, which 
General Accident had described 
as final, was a 7.8 per cent pay 
rise plus a 0.7 per cent lump 
sum in July as a down payment 
on future bonus scheme money 
of up to' 2 per cenL The bonus 
scheme is now scrapped. 


The rival Association of Pro- 
fessional Executive. Clerical 
and . . Computer Staff, -wtaid) 
represents 1,^, is maldiiig no 
recommendation in its baHot, 
but is making clear that it con- 
siders -the offer to be poor. It 
is prepartog selective strikes if 
toe offer is rejected. 

Members of boto uolotts have 
Stopped refusing to -work by 
telephone,- but are continuing 
other aspects of toeir work-to- 
rule. 

• At Guardian Royal Exchange, 
the Banking, Insurance and 
Finance Union, which repre- 
sents about three-quarters of 
toe 8.000 UK (insurance staff, is 
recominending acceptance in a 
ballot' of a new offer of 7 per 
cent plus a 2.5 per cent cash 
bonus. 


Engineering deals ‘law’ 

BY ARTHUR SMITH, MDLANDS CORRESPONDENT 


PAY SETTLEMENTS of 6 per 
cent or below have already.been 
achieved by about 75 per cent 
' of member' /ompanies, accord- 
ing to the West Midlands En- 
gineering Employers' Associa- 
tion. Many companies have 
offered nothing or put ‘off the 


annual pay review. 

But Mr William Frost, toe 
retiring president of the asso- 
ciation; will w'arn the annual 
meetin'g today that the industry 
at least faces “a long hard 
struggle to regain even a 
modest degree of prosperity.” 





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WnMdatTi^W-jMdayf^^ 


PROPERTY MARKET^ by michael ^ell 


Hong Kong rents highest 


ALTHOUGH THE breathtaking 
rent ^nral seems well and truly 
over, the Hong Kong property 
maritet still offers the most 
expensive office floorspace in the 
world. 

Witb an estimated 6m sq ft' 
of office space likely to be avail- 
able this year and demand^ 
though stUl buoyant— looking 
weaker, rents have bit a peak 
which may not be breached for 
a long time. And at least some 
of the pressures which trig- 
gered off the Hong Kong 
property boom are now being 
eased with the emergence of 
several neighbooring areas as 
office centres in their own 
right 

Predicitions of collapsing ren- 
tals and property values have 
not so far been widely fnlfilled 
and the market appears to have 
smbilised at present levels. 

But whatever the future 
holds, the current cost of rent- 
ing a single sq ft o£ office floor- 
space in the colony remains at 
the top of the international 
league, according to Richard 
Ellis, the agents and surveyors. 

In its latest report on world 
rental levels. Ellis says the 
tenant can expect tn pay a net 
rent . of just over £30 a sq ft 
for a prime. 3,000 sq ft office 
suite in Hong Kong. In 
second place comes New York, 
where a period of substantial 
rental growth has pushed prime 
rents up to £30 a sq ft. 

Prime rents in London — 
which two years ago was top of 
the international office rental 
league — are quoted at £27 a 
sq ft Behind the UK capital 


comes Tokyo i£241, Singapore 
(£21). San Francisco (£17.50) 
and i^ris (£15.50). 

The Ellis fibres do not. 
however. Include additional 
service charges, which have 
been itemised separately. If 
these are added, then New 
Yorit comes out. marginally 
ahead of Hong Kong in terms 
of total overheads per sq ft. 

At the other end of the 


don of rent levels around the 
world and enables execudveg to 
see lat a glance what :diey can 
expect to pay wbere. 

It will be interesting to see 
if the position changes over the 
next few months. With much of 
the steam gone from Hong 
l^ng and with prime London 
rents expected to grow only 
steadily towards Ellis’ own 
“£40-£45 a sq ft by 1985 ” pre- 


Bristol finally gete 
Broadmead extension 


rffliO- 


Office rents 

.(air^oondlHonBd) 

£/H.ftpifainni 






Soumt tkdMrt eOM 


scale, the cheapest office centres 
included in the Ellis list of 23 
cities are . reckoned to be 
Brussels (£4.50) aiui Glasgow 
(£ 6 ). 

According to John Orton. 
Ellis partner in charge of 
research, the report — ^which 
takes account of different 
methods of floor measurement, 
leases, rates and additional 
charges — ogives a clear indica- 


diction. it could be New' York 
which em^ges at the top of 
the' next league table. Only a 
few years ago, it would have 
been nearer the. bottom. 

• Thirty-three major sho]»- 
ping schemes involving 4.5m 
sq ft of floorspace opened in 
Britain daring 1981, accord- 
ing to Hlllier Parker Hay and 
Rowden. This Is the highest 
annual total since 1976. 


AFTER A three-year delay, 
plans for >a £2fim extension 
to firfetol's Broadmead sho^v- 
ping centre have finally been 
given approval 

The sbt-acre addition will 
involve a site boonded by 
Newfonndland Street, . Bond 
Street and WelUngtos Road 
and will iBclode > 273,000 
square feet of corezed retail 
spa^ over ^.000 sqaare.feet 
of accommodation azffi 

rooftop parking for LOOO 

ca^ 

The scheme is to be devel- > 
oped by William CowUn 
IBbldlngs and the luring 
agents will be Lalonde 

Brothers and Parbam. Plan-, 
ning delays were caused by 
micertainties over local road 
plans. 

#A £7m office and retail 
scheme is to go ahead on U 
-acres railway land* in tile 

centre of Gloncester. Follow- 
ing two years of talks, a 
71,000 square feet superstore 
is to be built for Associated 
Oairies on a ISO-yetr ground 
lease British Bail and 
Britannia (Chelteidiaffl). 
There will also be a 30,000 
square fert office .building. 

• Lamdnt BoWn^ hiu,' aftqr 
an Inqniiy, vnm pennisslon 
for its £Sm shopping scheme 
on tile site of the old Belfast 
Ropework fact<^ at'. Gonno- 
water, Belfast ' The 90,000 
sqaare feet of retail space will 
tneinde a SOvOOO aqnare feet 
superstore. 

• Barrttt Scottish Fn^r- : 
ties has pnrehased .a major 


/De'^elopmenfb^' 

^ SDN ALLIANCE 

IwJ rSSUBANCE GROUP 









TO BE LET 


J *' * '■•S. *' 

. ■ -n '. 



16 Boko'n Street. London W-IYSHX 

01-4995511 

Tcic>;23583' • ■ • ■ 



oieassioa 


Factories & 
Warehouses 

o Grays, Essex 

From '2300 sq, ft TO LET 

• Wellingborough 

From 4,700 sq. ft TO LET 

• Edmonton N18 

32,500 sq. ft FOR SALE FREEHOLD 

e Croydon 

38300 sq. ft LONG LEASE FOR SALE 

o Chariton SE7 

42300 sq. ft FOR SALE FREEHOLD 





Lee SE12 




If you^ on the scent of any 
interestii]^ developments, 
put us on &e trail - today ! 

hav’e a nose for finding situations that you think inighb be 


■ iWWiij, - 


From 2350-136,000 sq. ft TO L£T 


HENRY 

• eiBUTCHER 

J LEOPOLD FARMER 

BrownIowH<Ki8e,50ffi1 l-figtiHolbom, 




4 J 1 < l;i Lit t 





iBo 





BrownIowH<Ki8e,50ffi1 f-figh Holborn. 
LondonWC1V6K 


Tel.:-01 -405 8411 ' 




OFFICE BUILDING TO LET 

Birmingham City Centre 
^ Total floor area 33,935 sq. ft. 

Prime location. Two minutes’ .walk from station, The 
building was built around 1960 and occupies six prinei^l 
floors. Two lifts, restaurant, ail facilities. Initial rant 
(first-class covenant only) O per .square foot without 
refurbishment With refurbishment the rant would rbe 
accordingly. 

Please write in confidence Box TJ6f4, Financial Times 
fP Cannon Street, £C4P 4BY . 


Sites and Factories 

Exedfent ransn of both sovlccd sties from la to 25 acres and 
modoD lactMles in this tiirivhis dty and port Premises, 
incfaiffitts new tmit factoiy schemes aboot to start range Eran 
^ppioximataibi 300 ^ ft to 275,000 sq. ft., ehher fm lease or 
piscbase:- 

Devdopment Area incenlives. Pint class U.K. 
connmnucatkms and arltii Eunmo. Versatile woddorce. 

Contact iRobtn Dean, M A (Cantab. I. M.C.LT.. 

Qieetw of Industf^ Dcvclopmenti Kingston upon HuE City CounciL 
7; Lew^ hull: Tab 10482} 222626 


industrial site, in Aberdeen. 
Formerly owned by ’Wiggins 
Teape it is adjacent to l^ce 
airporf and* inclndes a'25(^000 
sq ft faetoty warehosse and 
50 acrex of indnstrial develop- 
mect land. Bamtt plans to 
build tm sq ft of fiooTspaee, 
some of it for Wiggins T^ipe. 
Total porehase price involved 
is about 25.5m. . Richard Ellis 
and Stmtt and Parker are 
letting agents. 

• Bush and Tompidiis 
Developments has forward 
landed its Broadway House 
office and dut^ scheme In 
Bromley to Colonial Hatnal 
l^e. Assuanee. Debenham 
Tewson 'and Chinnods and 
Baxter Payne and Lepper wOl ■ 
be- letting agents for the 
scheme, wbidi will have an 
investment' value of over £4m. 

City of London survey 
starts facing Page 18 

• ;Ciba-Geigy Penrion Trust, 
represented by ■ Edward 
Vi^Ttiftw hag paid over £3m 
for the freehold of 37<45 
Northgnte. 1>airtlngtott, the 
former DOggarts store adjoin- 
ing Boots.' It was pnrdmsed 
from Madcays Drapers, whe 
acquired the store in 1981 
and converted It inte three 
shop units. The propprty’s ■ 
azmnal rent roll is £128;500, 

• Sperrings has agreed to 
'sell 25 stores to Hastin the 
Newsagent for £3jm, pins 
stoek nt 'Vtittstion in caffiL No 
f rediolds were inclnded." 


CU man to 
Post Office 

*‘nr A SZX-CYZJNDER man 
-who lis on^ fizxQg'iMi four. I’m 
45 end need a £r^ cfaaHenge.’^ 

Fted Reeder, executive -direc- 
tor Commercial Union Pnh 
I^rties and chedrinam of Com- 
mercial UoioiT Propertie (UK)., 
should be able to put .ail .siz . 
cylinders to work over at the 
Post Office ]Staff Siq>eraxiiniati<A 
Fund, whm he is- goktg- as 
director (d property izivestnient.. ; 

Reeder, .« ctl man for 28 
years, is saying fareweB tins 
month to a ^(Khn worldwide 
prGperiy empire and teiang over - 
the h^m of the - fLlbn-sflus . 
property portfii^o held by the 
PosFubd, .one of the-UK*s larg- 
est pabUc 'Sector peixsiim funds. 

He will be replacnng David 
Jackson, who has emigraited to 
New Zealand but who acts 
the Fund’s re|)tresentative an 
that part of wwid: Reeder - 
regards bis new apix^tineM as 
“ one hdl of a ch^otge " and 
has no qualms about svritciung 
from the private to the pnUlc 
sector. 

Commercial Union’s 
petty interests' have been built . 
up over the years wlth.'tiie aid 
of several usotanee-assodnted 
mergecs. while the PosaPond 
portfolio, aceomnlated in little 
more< than 20 years; appears 
much deaner and newer, . . 

Reedtf , a ebastered seentss? , 
who requalified as a dtariened' 
surveyor in 1978, says -tiiat 
TXMidi of Pos^’und’s pn^e^ 
interests involve tie-i^. -with 
joint companies, where hia hmg 
corporate* experience win come 
in very nKfeL ' 


(HI a 


■ Tlie Scotiteh 'cmtnnerdal pro- * & .sai»e ;Capes, Reite for ptmrer 
aertv scftpfi has iiardly^escapM 

ftc- rigours of nmre.:y^epje 
Suu£Sntse^;tO;ha^^^ ' The ^ents do no^.howew, 
better than some ol4idf’«^i?5- expect lop office .xents m Edm- 
bf tito oountry’s'econbi^.’i-'- . - 'burgh show nmeb of. an 


Rithlat. 


A^en offices.- 
proi^rt, 

h^ been- badly hit 



N02CT OF ENGLAND 
INDDSmAWAEEHOUSE PROPERT7 

BQUBXNHEAD Valley Hoad Industrial Estate 
Modtonwaxehonse 26,000 sq.fL TO LET 
CASIVFORTH Eellet Road IndustiialEstate 
New Units 1,250 -6,900 sq.fL TO lO 
LE7ESPOOL CriT CENTSE 
Superb Uranspoit depot 
49,000 sg.ft. on 3.8 acres. TO LET 1 

MIDDL^BROUGHEzcell^warehoncffie . . 
and large yard 21,000 sq.ft TO LET 
PRESTON Depot and yard 6, 140 sq.& 
on%acre.FORSiUiE 
SANDTCROFT NORTH WALES 
Freehold Industrial Development Site 
1-; 30 acres. FOR SALE 
WATORTBEE UVERFOOL Refiiibished 
unite 970- 13,500 sq.fLTOIiBT ' :i > 


lirAtTHEWS 'GOODMAN 
& jpdstletiiwaite . 

051-^36 




VT.?.PCOll2 2S? 


PBESnSE AIB-CONDmOMED OFHCES 

4760 sq. ft. / 9310 sq. ft. / 14070 sq. ft 

All on one floor in superb modern devefopnient 
. Fully fitted out for immediate occupation 
New lease. No Premium. Ample car spaces. 
Joint So/e Agents: 

LESUE UHTDn & ASSOCIATES WILKS HOD ^ EVE 

18, SeynDBr SlrEti, ' ■ 9, Harteif SUbe!, ' , 

LdbiIdb WIH 5WB UilllDi WIN ZAL 

Tsl; DI-935 6656 Tel; 01-637 8471 


IBEXHOUSE 




CHAKTEKED SURVEYORS 
Vintr>' House Queen Street Phice London EC4R 1 ES 

Telephone 01-236 4040 




. h^- been- badly hit 

loplOTg -dull for the . . tiiarket:dtit\^eS¥rtim indo^ 

mnntns. . ... ia Holdmg badt.'lnyestment 

(VmradlUto^make.toe pmnt... exc^iFtion to the 

tha t tovestnieitt'MutitQd^'fBiK--.gez]ti^-.g^^^ 'C.bnind :Rtt- 
.taiosg a feai^-pUegm^c in.' Ab^een where fte 

'oi' the ■■ .cuixmit • recessf®- •oil'.U'iBdaatr^ -ha^ 
ali&otigh the .agaBte' stropg .^extmnd 

that there, is “a geneinl- inDodi.iacctftui^^ ihvest- 

of . restrained optinusm me7: - aent-^de; there^ haWt been 
itself prove, to be :a:trifle'cver^..-rigi^.'ti^-e;^ the liest located 
optimistic/:- ' estates.' ate not . 'filing as 

Thm has tfliparratiy . been. a\'*iqu^^ ad?dq»ected~;oi; 'indeed 
genexaliy^ iofW' level of -demaiKr aetbe q^l^ ; 

-for' .xkffice ^ace '- ia. - BcMland; :-';->l)he'--ret^-^i)peEty maricet is 
althoc^ these have beoi aoine -aisv-. having .its ' priflilems in 
major letttogs'in Gla^owf-aod-iStotl^nd bnt the.ag^^ 
Rdinbai^. The- “oa--booin.’^A'topS'*®”h:C®*™^ce^ idthe re- 
howe^, ' is ctmtiimlsg’ to tan-: sector ?'*than-;hm -.amply 

strong -' demand- - for- . effice-'-deannsInted 
accbmniSdation. ■ nt cfinfees-* 19to v.by'.'tBe: £lMi.''S^e.'.e& the .Woot 
Aberdeen. ' . : .» Pixafle^ gtieet 

Good qnaHtf- ■ office ■|s-.,ffla§g Dw;arfl| agr.:to^ of 
in short, siippb’ in--Gtosfi»w anai^^ww; 

rents aV the top end <rf -tirov'^ebm^^fer ^nces - Street, 
maricet'^have risgn. to' aaroond.-Smatett^"/^ -r/ --- 

f&75 a ft ’idffi.fB adrieved TASIOR 


150 , 000 $q.ft. 

Factory 

Complex 

250 , 000 sq,ft. 

Warehousing 

FOR SALE FREEHOLD 
TOGETHER or SEPARATELY 



' i' : ’'ffr-’v ’ 


I--:: m' 

f. V- - • If# 








“W 




Debenham Tewson 
StChinnocks 

44 3roc4; Strc-c-t London W1V IVR 

01-4081161 




. 4 • 

i:ii 


■r iU 












Knancial'-T^ 1932 




A development by Capital & CoLvides plc. I 

j 

42,000 sq.ft. To Let 

1 

! 

1 


New Air-conditioned 
Office Development in 
the City of Lonckm 


77 Gxosim(xShest,L 6 tidsxi\i}A 2 S:£ 

at-6^ 7666 


^Queen's Road. 
Reading. Berks. RG14HU 
(0734)597555 


Jones Lang , 

Chartered Surveyors . 

KenlMou«Tri«gf»phSt ■ 

McKi»9jteli.i>ttortEC2R7Jl UrOdO OCWU 


SlfMBDMITH 

• Ciej‘'xr^.l o-.'ivwo':; 

9/1&Fcnctiurth SlrpEt London EC3M 3B£ 

, 01-625 6644 ictex 2S7M 

O.tJ.'.lUtSSVrwi.lw.Hrt. «ne627 



AdB.dc|nefltA* 

ToOTisendlliQreseii 

nucKnt:>UMireD 


Townsend 

Industrial 


Jones Lang 

V^’V Charter^ Surveyors 


103 fl/lount Street 
LondonWlV6AS 


©©mi(o)[fi] 

01-4936040 


WHXLOW ROAD, LOITON N.W.IO 

NEW HIGH OTXALITY 
SINGLE STOREY 
WAREHOUSES/EfiCTORIES 

TOLET 

Uidtsfram2,0(X)sq.ft.to 52,500sq.ft 



Sinimites I^Underground 

;proviS 




ForSaleFreehold 


Deb en ha m Tews on 

SiChtrinocks 
01-408 T161 


(kimberwell Green 

- LONDON SE 6 

' • Newly Built Offices 

• Attractive Entrance 

• Full Central Heating 

• Gar Parking Spaces 

First floor area .l.830sqiR. 

Seeondfloor area 1,810 sq.ft. 

. TOTAL AREA a640sqtL 

Blue Star House 

NK3HGATE HILL LONDON N19 

• Modem Office Block 

• Rents at Under £5.peraq.fl. 

• Car Parking ^ 

RrsUloorarea 6.887 

Thinl floorarea 4.065 * 

TOTALAREA W 

As a whole orin floors 



ffienturntD... 

SOUTHAMPTON 
INDUSTRIALS 
COMMERCIAL PROPERTY 
REGISTER 


CHEAPSIDE E.C.2 
^700 sq<ft. 

SELF CONTAINED OFFICES 
Central Heating — Fitted Kitchen 

Sfc OuintinTdephoneOl^^^^^ 

• • ©V?aAirraBDSUBVB^ '™X8812n9 

CTTY. WEST BUD, LEB)S AND Bllt)SSS.S 


HEATHROW 

OFEICSS/WABEHOVSE.-r 10.500 SQ. lPt./8i^ SQ. IT. 
i ^in; miPiitas bf-AR T^mintfs 

' ' ..amroitT ORIENTATED T^^IANT SOUGHT 
Apply; ■ 

: Gafe and Power 

^ wipii iUabi^ BOddlegg* - 55444 










pi 






■ManifiBjliQS 




AUDREYHOUSE 

ELYPLACEEd 

2 Aif-Concfilioried Office FIooib 
in one of HoltxnTi's finest btidin 

12430si}.ft 

' wAOModemAmenities-H^Cl^^ 
•(JarPorioDg 

-tease unta2005 forossipned 


OE GROOT 
COLLIS'^r 


309W KICHHOUOIW 
LONOOM WCIV7LX • 

01^7651 


BROMLEY 

ft. 

Excellent modern offices 
1,200-11,400 sq.ft. 

100 telephone lines and 19 car spaces. 

RUSSELL CASH 



(r,v-<pr? ‘ vH 




PROPERTY APPOINTMENTS 


THE STANDARD UFE -. 
ASSURANCE COMPANY • 

ASSIS1ANT MANAGER 

Piwerty Investment Department 


Edinburgh 


Sigitifeont 5 figm salary- 
+ ex colto i tfi m ge benaiits 


An exeeRem trtd chaUenskis eamr ooportuntty • Controla portfoBo of 
E200m+ * .Load a laani of Suivayon ,* Prq{act managa d fc act 
davaiopinant and joint vamuraa • Prapara vakadona • Garwaia and 
anaia naw Invaiirnant oppeitunitiea. 

Our CSertc The Siandmd Life is one of Scoibnd’s eldest Aasuianis 
Cengkanias, astabUshad in 1825 (total aaaats £3.SS4ni) — the Isrgast fflutuTf 
Sfa office in the EEC. 

The Property InvaatmentDapanmant manages preparty inuaswantsvaluad 
at £720m, with annual funds for new investmant of c£7Sm. TMr acdva 
davatopment progremnne co wc nse s a mhc of direct davelopniant and joint 
venturas with leading companies (shops, offices. IndusuiN astates. New 
TownaeheBwaetc.1. 

Your Role: To assume lesponsUGty for one third of the aranndsB of the 
Proparty Imasonsm Department. • Source new irMetments * lnsdgatB 
maiiat lewwrh • Neeodan deals • Preset manage direct dawelopmBnt or 

jpnt venture schemas • Man^ a portfoao mvoMng 100D -4- tenancies • Plan 
eash'flow ■ napere vahietions • Maintsin ai up-to-date knowtodga of 
property yields, rental whjas, buiding methods and costs • Report diractfy to 
the Property Invectnunt Manager or hla Dapuiy * Plav a key rale %wthin the 
overafl manegement of a IrigMy pFograsdva departmenL 
Oar Masl Candidata; A wall qualified aurwyor (RIGS or BSc. Est. Man.}, 
ageci 2840 yaere with 6-10 yeare quafificauoh experience pieferAlv gained 
within a prafaasienal practice, a proparty conreany or a leac^ Instiuition. An 
indhridual who er^oys autonomy arid tf^es on responsMBty. 
ftomunaradon Package: An excellent salary -i- fringe benefits padoga -f- 
generous relocation expense s . wM bs paid for tffia appeintmenL 

Act Nowl To (aaminara telephone erwtftatothacempany^adwiaori 
Miehaol A. SBvannan on 01-388 20S1 ( 1 ^ One 01-388 20661. 
Complaiacoii O dantlBBtylaMautad. QuamnfLNe,S€1 

Tlat O Bipait B ireiif » open to mate/ftmafc agpffleante 


MERTON ASSOCIATES (CONSULTANTS) LIMITED. 
M'jrtrjo House-, 70 GraUon VAiy; Lonc'on WIP 5LN ■ 
EiLCC'j'i*'- ScA'Oti .'ina M;(ni9em»nl Con-.ijltaaO- 


CHESTER 

FOREGATE STREET 

Development 

Site 

'Approximately 0.56 Acres 
FOR SALE BY TENDER 


Closing Date MARCH 22nd 1982 


Healey & Baker 

9 St George Streep Hanover Square, 
London W1A 3BG OUV 92f2 


FORSlUiE 
OR LEASE 

PRIME FBCTORIES IN 
SCCyHiAND^ GSTEWBY 

Three good leosons to consider setting Up in 
whot has oecome ttie ideal gateway to 
markets, profits and a tree and pleasant fiteslyle 
>Durrdrie5 and Galtoway. 

1. Foctoiyienlals and local sates oie 
very competitive. 

2. Subsfontioi areas of the Region oie 
either Specloi De^e(opmel 1 t, 

Etev^oprnent or Inteimediate oieas 
wflh attioctfve incentwesto 
rn c om l ng fi rm s . 

3. Many of the ibetortes ore owned by the 
Scottish DcRrelopment Agency who 
ore moreoctive than eserin £^'ng 
business mowng and encouia^ng 
companies to set up in Scottand. 

This means that new and smaH 
businesses and industries, In parltcular, 
vdH hcMe sidited ongoing back-up and 
ocMce on aii ospectsoTtheir field. 
Howsuccessful our area has become Is 
shown by the loge number of international 
companies that hoe settted. Glaxo 
Laboratories, Comaflon. Nestle, Brocks 
Hiewoiks, AC Pervnan, Sldlcw Tiles, British 
Nuclear Rjeb. ICI, Uruioyal. Kdngoi, Stelrad, 

NEI Thompson Cochran orxj many more. 

The Evhg is easy here. BeauttfUi countiydda. 
amlldclimcitelnfluencedbytheGuflStieam: ~ 
Wonderful golf couises, and sailing, fishing, 
riding orxi vcilldng are only a few of the 
pleasures the area otters. 

Access to dll parts of the U.K. is w^ served, 
intemalional and.domestic airports are just up 
Ihe coast erf Rre^i^ and Giaggow; Coifiste is 

Just cMer the border. 

' Wbnttoknowmoie?Whynotw(tteorcaR 
Alan Andeison. Re^orxil Indu^f 
Development oncec 

Dumftie/&GQliouiQy 
RegionQl Council 

VHCANTMCIORySPACE 

wieiowN^ . ttovrgoHMfa/ 

ttorvoer 3x100«trelA(UQ 

?!laoSS ^ 4NNWME4BKMLEAREA ' 

1X916MrrL SDA 

Nav^Slewott i,xi98s^m.fflA 

Ik^gm Sa 

Wigtown ' wlSSf^**** 

SxIOOicun U^IIQ I* 

SIEWiWmAREA ilmZm SU 

lOrSeuebTlgl:* _ lxl841aq.rn.S0A 

2x103i4m SM Sonaghor 

eoMwuiaerRaei m ma 


2x221 aam. lA' 
2x232sam SU 
lxl841aq.in.su 


eoMlKXiiaeiRget lx225aama)A 

ixfSSspm IxmSIalu, 

Thera on otoo mjmbH-ofprlvalBlyo«med 

pieminstoiaSa,cMallielM)icheanbe 

ptoutoedettrequaat 


lA - LecoiAi 
SU - Scotlltf) 


no - Under Consbueeon 
OT —Planned 



I Agency 


FodoiyawftibDilv 
eaneeIrfJImaor ^ 
gohg to press. 














Apollo House 

\f"wBond Street London-U’l 

18,000 sq.ft. 

Entire Office Buildinu - 

^lo Let 





Heoley&Bater 

L VehUvrf IGOii {.mbit 

29 St George Slra«t,Haiov«rSquare. 
LenGonwiASiG 0M299292 


GHURSnni,HEABB&GO. 

BmUW Swhn Kmh. aMfe^SqM^ LnriM W1 X « 

Trin" "**•■"-***"*•■ ■ TriaiaiHI 


The 

Original 

Waimington 




The capital location 

for industry and commerce 
in the North East of Englaiid 

FOr details phone Norman Batchelor, Washington Development Coipqrati(Ri,Tei: (0632) 463591 


NEW OFFICE BUILDING 

Church Street 

TWICKENHAM 


TO LET 

Suites 2,650-11,901 


so. It. 


With Car Parking 

joint Sole Agents: 

Clive lewis henry 

& partners 

01-499 1001 01-405 8411 


BIRMINGHAM 

CX)LESHILL 

Motorway 2 miles 
Birminghain Airport 
4 miles 

OFFICES & FACTORY 
FOR SALE OR TO LET 

with adequate parking 
areas 

Industrial use 
25,000 SQ. FT. 

All enquiries: 
GORDON & CO. 

6 lA)ndon Street 
London W2 IHR 
01-262 1871/2 






Vaiing -P3dbridg^Road,W5^^^^; 

3,7®sq. fLleaseexpiiiiJgi^^ 

ATiniral Tmt £30.000 eadu^ . . 

Idington^ 

3,8505q-ftav!d^ 

Ilford-]^ Road 

3|730sq. fL,ieaseeKpirijag^y.^W^^ 

ATimral TBnt£ 14 . 250 scliiare. ■- > ; 

Stttton -Sutton 

6,2to^.it,Iei^expi^ . 

Aimnal Tmt£37^ ffldiisive Until 1987 ; 

AIiWiraiNMODia*N^®^^ 
HEATEDOMCEBljnJBINtS, C 3 XMIE. 
ipSflOPmG^JSIDlKANSPPKr 
■EACUIIIES.. ■ 

Farticolais bom: 

and yjitgfes rVA/at/EA); . 

WB,tefcpIioiit.W'<»33^ v ' ;- : ■ "iw 


GLC Valuation & Estates 



Office Building 
IhitayltevDn 


Features indude; 

* 14I00square feet nett offlcespacewithsa^for expansion. 

* A acre site in-beautiful countryside. Ample parking fgcilh ies. 
-e* Fully equipped Board Room and executive suite. 

w Restaurant and canteen faciiities. Recreational tennis court. 

Price and full details on application. 


lALONDE 




By Order of The Gty Uniyersity 

LIONEL DENNT HOUSE 

23 GOSWELL ROAD, ECl 

(GRADUATE BUSINESS 
CENTRE) 

Situate dose to Barbican Station. 

Erected about 1960 as a commercial headquarters, the building 
affords a total area of ^>out 

square 23,400 feet 

Passenger Lift. Goods Lift Central Heating. 
Offns invited for 30-year beneficial lease, or possibly available 
on underlease. 



Chamt^lam 

&WilKnvs 

Ei^jkAcrih. 

01-606 96U 

CWobHM b - wi l M » .t^rf» r g wn j TiiaJllM 


For Sale 

MODERN 

FACTORY/ 

WAREHOUSE 


WINSFORD, 




37,000 sq,1L on 
3.6acres 

mcZ000sq.fLOfilces. 



’ CAPITAL GAIN PLUS : 
INCpMN — COBHiM 

19S1- built' Supitodr.'. Dati^ed • 5 
Badroomad -Family- HoirM ,'en *oiit^ ' 
tklru- of wiUaga (wdth .'Olpleaiitic 
Btuk Claitul lat it -a currant .ranul 
ef rilVlpO per annum , ineluurva -6f 
Qtas with 124% uplift aacb.'ywr. 
Tmant Intamadenal ;OII ;CemRany.' 

-Piteet £HNMI00 Freeb^'. 

for furthar fatormation Mfepbeiha: . 

OMTTWr 


Berry Bros ^ 


^JL.F©RD 

:''.&ree//ei]^‘f^^ 

WEW OFFiCk 

; /BOlLDiNid ■ 

. -;>WPLE caa-parkIng - 
.: ‘ FREEHOLD OO'g LEt r^' 
DESIGN'A'FINISHES TO 
nNANTS REQUIREMENTS 
Avallable'^fmg'1982 - 
-EiiqDines,l4’rpd^ls only .' 

WWM Box 75609^ ^nanetml Timet 
; :ia Cemion Street, ECAP ABY. 





56/62 WHion Road, London SWl V I DH 





! ^ 

, , . , , 
i: 





■>? 







UxBanattSouthemPniperfiesUdr 
BaRaaHoisa668HBch)nRoadLiitDnBed& r; 
l^Q5823HSlPleeessidiReiitfDfiiS[B0Ron' 

youriactoriesatClMhUttB^ 



Ban^ 

Industrial Parks 


‘ I V 




STAPLES CORNER.HW2 

FROmiNG NORTH CIRCULAR ROAD 

FREEHOLD FACTORY 

60.000safton 1-67 ACRES 

IndUdtog 1&0Q0«h AR GONOmONEDOFFICB FOR SALE 



I.B.A.'S 

EIGHT NEW 

2,475 SQ. FT. BUILDIH6S 

bulk to very' high specificaden 
Superb location 

WARRINGTON, CHESHIRE 

n>R SALE FREEHOLD NOW 

Morbaine Properties Limited 
52 Mhnint Pleasant, Liverpool 13 SUN 


HASTINGS 

BOROUGH COUNCIL 
L^industriaisitesigitolSacres 

IB 

ihi 


NIicioria 

MODERN OFFICES TO BE LET 
Sufe from 1359-36.288sq.ft 
ljff,CHeating, Car Parking Renl£ 9 ps£ 


HeiTiR! 


Chartered .Survevnrs 

01-734 8155 


< EXRUNDING > 

Hastings 


ary offices 
O ffRKENWBl. ROAD 
ToLetl^Sqft 

- BMutItaiiy fiefufblihta 
- - Office Sake 
' ONLYS-PER SQUARE-FOOT 
AH enquiries to Sole Agenia: 
McDANiEt, & PAW 01-236 4881 


. LYME REGIS 

FItie Haute end Subfuntiel fneome 
Ovailooklng Lyme Bey. Superb 
bwAsr's aeeemmedatlon of 4 bed- 
rooma, 2 bathroona,- 3 receptian. 
Gas C.H. Six (uNy agulppod aelN 
catarihB flats. Long osiaMishad and 
wall booked. Auffited aecountal 
4-aere .' garden, swimming po^. 
ganging.' C126j)00 Fneheid, • 
jomr WOOD & co. oes? 202 so 


FmANCIAL TEMES/SIJBVEYS 

OFITIGE PROPER 

, FRIDAT19 i V, 

The Fi n a ncia l Times propose -to -publish -u-BUPyey, on 
Office Proper^. , The following sybopNa'entiines the topics to 
be discussed.' .v . . ...... 

INTRODUCnON ! - - 

This year .wiU proyte to be A tes^ /peri^ Jo'r -.the office 
market Demand, fbr. space .is stfU'vf^afc-ln znost'iress 
Kntal growth' -still trails behfad . The biigblsotote. 

and the bladtepots. . * *What are 'ffie.'ptospesfi "for' fuc^^ 
detenoration -if toe economy does not rrrtve.this year? 

investment - 

Tbe problems of the tAce-letting miu^ haW’not had a 
s ignific a n t imp act on toe investmem- scene,; with prime yields 
remaining firm. There hK been eqtoa'isaftraing -in' secondary 
markets, but a sustained- period; of leirf^tal groW^' itolU' b^ 
requlied-Jtefore toe 'overall yi^ e trb^ fra .- waaicaiw - ; ~ 

PBVELQPMEWT 

De^ lbpmqit ' activity “ba« tailgd-bli .‘hf - thO' Mw' 
recession. - Many provincial eentree wgf «mrr^1y 
rentals which Justify any wfdeecj^-.dev^tmient-.^prDgtaffiine; 
Bidustifal devdopein are-gtill wwlfep 


pTJtC-zy.l 
i_a atli i 


Office develojiment.todBT^tBvaii^ly. .the: toedemisatiMi 

of what already edits., rat 

ties beeozning harder to fiid- and xnbre: difficult to - justify 
financially?' . ..-v* -- -- . .. 

OFHCE mafirNouiGY: • 

The satureof oSee;dc»iga 16 be^'trantfoimedbjr'toe arxival 
of high-teehnbiogy busihes systomd pnfl-.tte -need to.^makimise 
aecommodatioxL Tbe develoj^ils Ifielnig foreed to'chfok-'iinieh 
more carefully about toe Ifleely rmige. aid variafidb oT tenant 
requirements. . ;-v 

Planning ' 

Planning & The Greater toadbn'Ooi&dl' . • ' : * *■ 

Office Costs' . 

Blind 'Officeadastrial.GpRcei.'t..';.:/^^^^^^^^ ' 

The remainder >f. toe survey. 

of toe inajor office'inariBfe‘mithiq'-|ife.'.i.*- .r-';' :■ -- - -■•• 

The Oty of London''-. •' 

The •••■' - _ t. 

Birmingham' :7- > -.-■.i::-'-;;: -• 

BEudiaterY--'.V- /-y*' 


pm 







WWum 























; 3februaiy 12 1982 



13 


;-<-iss5^ 
*" . 


ilgh b 


5S 






* ^**’‘*^>'» , 




BBC"! 


_\9JH) am For School Colieges.. 
12LS0 pni News After Noon. 1.00’ 
• ' Pebble Mill srt^OneJ 1^0 Begpnss.: 

■ V.- 3.0!!4iD0 -For^Sdi^K -Colleges. 

■ A20 Po|)ol -Y -Cwib; 3.S3 Wist. 

. News. for. -;.-IBnghinrf.- (cOCpept . 

LoDdon). S95 Fla^ SeUoot’- A20 ' 
/ WinsoiitetntiEd^! 4SJsdce^^ 

- 440 ™plc Again £j0$ Grange 
^ Hill; . 

. s;ip_Newi--_-‘^- 
AOp Be^on^ Nem X^^ 

. 6 jS Nati'oswid& 

A45 Sportswlfe' / 

7JM '*n]iB Supeistars:- finsL 

. S.00f^une J^^-abe 'Spur by 
Howard Spzib& 

. 8^ Points-of View with Bazrr 

.•:../>.Tooit;.-;- •^ 

, JJS .MeCl^^s- Law (Pilot for 
' JKw. detective series star* 

; . . x^ 

' ILOD Face flie.Music: Quiz' with 
f - Joseph -Cooper- -(I>ond(tfi 
^ . and -Scmtli-E^ o^). 

r liJO News' HeadHne. ■ 
•l-lLgSUO «n The Late FUm: 

, .i-“ The' Anniversary,” star- 
/ ' ring -Sette ' Davis, Sheila 
. iHancodc and Jack Hedley. 


TELEVISION 


Chris Dunkley: Tonight’s Choice 

-i-.n,?y5 Aa^Jcans are wotried aboot Ihe grow i ng nund>er of 
WWOT SB^ wtafcfa seem to be fdlowlss: ell too swiftly in 
j ctoema jerase for -vengeanoe movies; series wWeh 
^lo«t ^depread puibUc anger fl3»ut the ineffectuality of iSaae 
^ iacreasiiig numbers of law 

DT^era. I am not eertan that McOain’s Law, starting on 
wi toTOgbt wife a mov<e4eneth episode, Is just sudi a serf®, 
bat the title sounds like a fait 

u ”• Producflon is A SbUling Life by Guy 

Julie Covington plays a professfeoal biograiAsr who 
v*^ Petersbaxn (Eric Porter), a successful dramatast of the 
foroes and fifties, knowing that before they get to the real 
ebory he wfU talk a great deal 

T __?^Kal«doscope on Radio 4 Michad BUlington talks to 
ja^ ^izman about her portrayal of Frieda Lawrence in her 
latest fflm, '^Priest Of Love.” 


LONDOIM 


BBC a 


JLOO .am Play SchooL 
3.00 pm Bowls: The Embassy 
World Indoor Champion- 
ship. 

5.05 Flying Hi^. 

5A5 Weekend Outlook. 
tSAO “ Sherlock Holmes Faces 
Death,” starring Ba^ 
Batbbone. 

A45 Heroes. 

7.15 Oxford Road Show. 


7AQ News Summary. 

7A5 In the Country. 

8J15 Newsweek; Health C^re 
For All? 

9.00 The Family Brown Enter- 
tains. 

9A0 Playhouse. 

10.20 Bowls. 

10A5 NewsDlghL 

11.30-12AS am Friday Night . . . 
Saturday Morning. 


9AS am Schools Programmes. 
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Handful of Songs. 12J0 pm Once 
Upon a Time. 12A0 Simply 
Sewing. LOO News, plus FT 
Index. L20 Thames News with 
Robin Houston. L30 Take the 
High Road. 2AO After Noon 
Plus presented by Elaine (brand 
and Simon Reed. t2A5 Friday 
Matinee: Claude Rains and Fay 
Wray in “ The Qairvoyant” 4.15 
Dangermouse. 4.20 Razzmatazz. 
4A5 Juices of Piccadilly. 5JS 
Square One. 

S.45 News. 

6.00 The 6 O'clock Show 

7.00 Family Fortunes 
7A0 Hawaii Flv&O 

8.30 Shine On Harvey MIoon. 

9.00 The Gentle Touch stari^ 
Jill Gascoigne. 

10.00 News. 
lOAO Bizarre. 

ILOO The London Programme: 
Sixth Formers — a Political 
Football. 

1L3S ThriUer. 

12A5 am Close: Sit Up and 
Listen with Ian and 
Jennifer Partridge, 
t Indicates programme in 
black and adiite 








vr? ’ij s- ... , 

.■' . .* l*.ir 


* An .lBA Regions as London 
V jc^pqit.at.tte following times^— 

^"trao pm-'Angnt News. 2.^ Friday 
' Ftlffl MatTnes: “Tha Biua Knight (TV 
. Movla). SJX) About Anglia. 7.30 Tha 
' — i^'Guy. ' 1tJDO Mambera only. . tl.30 
' Friday'Ute Film; •''-'nM^-Kancf Cf Tha 
' Night." atarrihg- Wiltiam Sylvastar. 
; 12.S m i Was Raiding. 

.V BORDER 

XJO pm- fiordar .Nawa, 2A5 Fiim: 
** IntarvaL** starring Marla Obaran. 
- eiOO Loolareund- Friday. S30 That'a 
' ' Hollyweed. 7.30 Tha Fail Guy. . 10.30 
. TahB tha - Mick. H.W Binrra. IIJO 
Bordar Nairn Summary. 

CENTRAL 

pm Cantial Nawa. 2.46 Murdar 
v' and' Wivtary- Matinea: "The Girl On 
. Tha Late, Lata Shew." 4.10 Windowa. 

SnO 'Central Ne«rs.' 730 Tha Fait Guy. 
.^11.00, Central News. 114IS Invitadon to 
-T'terror;- I Don't Want To Sa Bom." 
iatafrlng'-Joan -Colliha -and Donald 
Plaaaanee. 1236 am Banwy Miller. 

CHANNEL 

130 pm Channel Lunehtlnw Nam. 
•‘i . What'a On Whan, and 'Waathar. 235 


Tha Friday Matinee: " Death Santanea." 
5.15 Emmardale Farm. 6.00 Channel 
Report. B.30 Clapperboard. 730 Hart 
to Hart. 1038 Chennai Lata Nam.. 
1035 Aujourd'hui an France. 10,40 
Mystadous Talaa. 1036 Thtaa's Com- 
pany.' 11.15 Continental Cinaffla: " A 
Pain In Tha A***." 1236 am Nam 
and Wftathar In French. . . 

GRAMPIAN 

9,30 am First Thing, 1,20 pm North 
Newt. . 236 Fridsy Mailnat: " Ths 
Promisa." S.1S Square 0ns. 6.00 
North Tonight including Sports Deak. 
730 Tha Fall Guy. 1030 Feature Film; 
" Vampire Circua," starring Adrianna 
Corri. 1^10 am NorUi Hoadllnas, Read 
Report. 

GRANADA 

130 pm Granada Reports. 130 
Exehanga Flags. 2.00 Taka tha High 
Road. 230 Fridsy Matlnaa; "Tha 
Admirable Crichton." 630 Kick 06. 
630 Granada Reports. 730 Ths Fail 
Guy. 1130 A Week On Friday. 1130 
For Adults Only: " Dirty Money." 

HTV 

1130 am Cartoon Tima. 130 pm HTV 
Nem. 235 Friday Film Matinaa; 
" Mako ■Me An Offer." 5.15 Banaen. 
630 HTV Nem. 630 Mr and Mrs. 
730 The Fall Guy. • 1038 HTV Nem. 
1030 Tha Good Neighbour Show. 11.00 


Tha Late Night Film: " Crascande." 

HTV Cynwu/Waias— As HTV West 
except: 1134-11.49 am About Walss. 
1230-12.10 pm FfalBb,ilam. 4.153.45 
EIrBintod Yr A6rlq, B.OO Y Dydd. 6.15- 
630 tUpQct Walat. 1030-11.05 Out- 
look. 

SCOTTISH 

130 pm Seetiish Nem. 130 Square 
One. 2.45 Friday Matinee: " Jea 

Dskoti." S.15 Emmerdala Farm. 6.00- 
Scotland Today, 635 Sports Extra. 
636 Heer Hare. 7.30 Charlie's Angels. 
1030 Ways and Means. 1130 Bizarre. 
11.30 Lets Csll. 11.35 Ths Strssta of 
San Fran^eo. 

TSW 

130 pm TSW Nem Headllnaa. 2.45 
Death ^ntence. 4.12 Gus Honsybun'a 
IHaglc Birthdnya. 5.15 Emmordalo Farm. 

6.00 Today South-Weai. 6.30 WhaYs 
Ahatd. 730 Hart to Hart. 10.32 TSW 
Lata Nswa. 10.35 Callback. 10.40 
Myanrioua Tales. 10.45 Three's 
Company. 11.15 Coniinonisl Cinema: 

A Psln In The A***.“ 1235 am 
South-Wsst Weather. 

TVS 

1.20 pm TVS Nam. X46 Friday 
Matinaa: " Denth Santcnca '* (TV 

Movie). 5.16 Watch This Space. S.te 
Coast- to Cossh- -630-Cesat .to Coast 
(eontinutd). 6.30 Friday Spertsshow. 


730 Ths Fail Guy. 11.00 Horreri: 
** Tortura Garden." starring Burgess 
Maradith. 12.45 am Company. 

TYNE TEES 

9.2S am Thv Good Word. 830 North- 
East Nam. 1.20 pm North-East Nawa 
end Lookaround, t235 Friday Matinaa: 
" Badesround/' starring Valaris 
Hobson. 6.00 North-East Nam. 6.02 
Sportatima. 630 Northern Ufa with 
Tom Coyna. 7.30 The Fall Guy. 1030 
North.East Nam. 10.32 Meet Mike 
Elliott. 11.30 Hammer House of 
Honor. am Anticipating Valen- 

tina's Day, 

ULSTER 

1.20 pm Lunchtima. 235 Friday 
Matinee: " The Blue Bird,” starring 
Shirley Temple. 4.13 Ulster News. 6.16 
Hear Here. 5.30 Good Evening Ulster. 

6.00 Good Evening Ulster, 6.30 DIR'rant 
Strokes. 7.30 Tha Fall Guy. 1039 
Ulster Weather. 10.30 Witness. 1035 
Counterpoint Special. 11.35 Bedtime. 

YORKSHIRE 

' 1.20 pm Coicndar Nem. 1235 Pridoy 
.Matinaa: Judgment Deterred." star- 

ring Joan Collins. 5.15 Squara One. 

6.00 Calendar (Emiey Moor and 
Belmnnt editions}. 630 Calendar Sport. 
7^30 Tie Fall Guy. 11.00 Thnnen " The 
Death Policy." 


(S) StMvophonle broadcast 
. t Nladium -Wava- 

RADIO 1 

^ 630 am As Radio 2i 7.00 Mika Read. 

• 9.00 Simon Bataa. 1130 Dava Lea 
' Travis. 2.00 pm Paul- Burnatt. 330 
‘ Steva Wright. 530 Nambaat. 635 

Roundtable. 7.00 Andy Pasbiaa. 1030- 
1230 The Friday Rock Show (S). 

RADIO 2 

5.00 am Ray Moore (S)- • 730 Tarw 
: Wogan (S). VLOO-Jimmy Young (S). 
' 1230 Gloria Htinnifeid (S). ItOO Ed 
Stewart (8). 4.00 David Haimhon (S). 
j S36 Hawas Sport. 630 Jqhn Dunn fS). 
i S30 Jim .Macladd and His .Baitd (Sj. 
;; B.48!Frfdiy Nigkf la Mua»c Night «). 

* 936 Sporta'-Daalt. ' 1030- Uasen^^ To ^ 


RADIO 



Hour (S). 2.00.630.y0u and tha Night 
and tha Music (S). - 

RADIO 3 

635 am Waalbar. 730 News. 7.05 
Morning Coneari (S). 8.00'Nam. 8.05 
'Morning Cbncan (continued). 6.00 
Nam. .6.06 Thin Week's Composer: 
Barliot (S). 10.00 Macolmn Bliaon 

loneplane raeital (S). 11.18 John 

Alldia Choir (S). 12.15 pm Midday 

Prom, pan 1 (S). 1.00 News. 1,05 
interlude. 130 Midday Prom, part 2 
rS). 235 Oboe and Piano. Music (S). 
-236 Busch Quartet Pleys Beethoven. 
330 Stimrinaky and - Tippett concert 
(8).. 4.00 Choral Evonaong (5). 4.55 
-Mam.' 530 Mainly riir Piaasura j(S>. 
635 Play It Again (S). 7.00 Three 


Italian Writers (1) Caaara Paveaa. 7.45 
Polish Chamber Orchestra concert, 
part 1 (S). 8.25 Interval Reading. 630 
Cenean. part 2. 9.15 Indapcndence: 

Peat Andrew Motion intmduc'es a 
reading of hia poem. 535 Mniatt and 
Lian pipn'o mcitnl (5). 10.15 Book. 

Music and Lyrics (S). 11.00 News. 
1135-11.16 Grieg Pan-ionga (S). 

RADIO 4 

6.00 am News Briefing. 6.10 Farming 
Today. 636 -Shipping Porecaat. 630 
Today. .835 Yesterday In Parliament. 
930 Wws. '935 Dernt Island Discs. 
8.45 Faadbaek. 1030 . Nam. 1032 
International Aaaignmeni. 10.30 Daily 
Service. 1035 Mormng Story. -1130 
Nam. 11.(6 Great Fahiilias of Brbain. 


11.50 Bird of the Week. 12.00 News. 
12.02 pm You and Youra. 12.Z7 My 
Wordi (SI. ^2.SS Weather; programme 
news. 1.00 The World at One. 130 
The Archers. 1.K Shipping Forecast. 

2.00 News. 232 Woman’s Hour. 3,00 
News. 3.02 Afternoon Theatre fS). 
4.05 Poetry Plaaael (S). 4.15 Modern 

French Writata. 4.45 Story Tima. S.QO 
PM: Nem magarlna. 630 Shipping 
Forecast. 5.55 Weather: programme 
news. 630 Newt. 630 Going Places. 

7.00 Newa. 7.05 Tha Archara. 730 
Pick of The Week fS). 5.10 Profile. 
830 Any Quaations? 9.15 Letter From 
America by Alistair CooVa. 930 
Kaleidoscope. 9.69 Weather. 10.00 
.The World Tonight. 1035 Wbek 
Ending fS). 11,00 A Book at Bedifma. 
11 .IB Tha Rnaneiaf World Tonight. 
1130 Today In Pirilamont. 1135 MIlav 
Kington delves into tha BBC Sound 
Archivaa. 12.00 Nawa. 


FT COMMERCIAL LAW REPORTS 


Failure to alert basis for estoppel by silence 

PACOL IiHa A2Q) OTHEItS v TRADE IINES LTD AND ANOTHER 
Queen's Bencb Division ((^zomezdal Court): Ur Justice Webster: Febnuiy 5 1982 


WHERE ONE person foils to 
bring facts to the attention of 
another, knowing him to be 
mfstahen as to rights and 
ohligstlons between the one 
and the other, and Mhere the 
dreimistanees are sadi that a 
^reasonable man” would 
expect him, aethig honestlp 
and req|ionmly» to alert the 
other to the truth thus pr^ 
venting Mr" from acting to 
Us detrimmiL an estoppel 
by sUetiee or acauiescence 
arises by which he is pre- 
vented fmn asserting those 
facts in defence to an aetioii 
by the oflier. 

Hr Justice Webster so held 
wben grantiog a declaration 
sought by Fae^ Ltd and otheis, 
consignees of cargo, that Trade 
Lines Ltd, chartereTS, were 
estopped from denying that they 
were parties to bills of la ding , 
in an action for damages for 
breach of contract bron^t by 
the eonrigness against the 
charterers and B/1 Sif XIV, 
shipowners. 

• * W 

HIS LORDSHIP said tiiat the 
Henrik Sif was let on a time- 
barter. Three bills of lading 
acknowledging the shipment of 
cargo OD board the vessel were 
signed by the Master. Each bill 
stated that it constituted the 
contract between the con- 
signees of the cargo and the 
^ipowners. 

The cargo was found to be 
contaminated at the port of cKs- 
riiarge. Under the Hague Rules 
a 12 months* limitation period 
began to run in respect of any 
proceedings against the ship- 
owners. The consignees took 
no steps within that time. They 
mistakenly believed that the 
charterers were demise 
charterers in the position of 
owners and were accordingly the 
proper party to be sned under 
the bills 'of lading. ■ 

Two years I^er the con- 
signees commenced proceedings 
against the charterers and the 
shipowners. The shipowners said 
the daim against them ivas time- 
barred, and the charterers 
denied liability irn that tfaey were 
not parties to the bills of ladiag. 

The consignees alleged- that 
the charterers had known of 
their belief that the charterers 
were the proper party to be sued, 
and bad been under a duty to 
inform them that they were not. 
They said by fhie&r rilence, 
the charterers represented that 
they were the proper pai^; in 
reliance on that representation 
(he consignees took no steps 
against the shipowners waflhin 
the 12^montit period, and bad 
irrevocably altered their poritioa 
to their destriment in tint the 
claim was now thne-barred. 

The evidemee flowed that 
certain letters aztd requests for 
Infiormation from the daitefers 


led -ttie ' consghees to believe 
that the charteren were the 
proper party. 

On the present pnlialsaty 
issue as to wltetiisr the 
ehaitexms were eatewed from 
denying that they' were parties 
to the bills of lading, Ur Walker 
fiKT the eonsignees, submitted 
that he (smld rely <m any "twi 
of timee different s|>ecies «f 
esb)|^L‘ (1) estoppri by rilence 
or acquleseene; (2) promiss (»7 
stc^pel inter poi^ wad (3) an 
equable 'rotoppd not confined 
to an estoppel smeettog zaghts or 
interests in lan(L 

He submitted that estoppel by 
sUenee or acquiescence arose 
whmiever the party gainst 
whom the estoppel was raised 
was under a dnty to 9eek. He 
said that the ehartereis were 
ondM a dn^ to inform tiie 
cemsignees that they were not the 
parties to bills of lading beeaose 
tiimr knew of' the cousignees* 
mistaken belief. 

Mr Aikens for the ch art erers, 
submitted that there was no 
such duty hi the present ease 
since any duly capable of giving 
rise to an estoppel by silence or 
aeiiuiescenee must be a ]K<e- 
eristing legal duty. 

In the Moorgate Mercantile 
ease [19771 AC 890, at page 903. 
Lord 'Wllberfoice said with 
regard to the test as to "duty” 
that (he question was whether 
”... a reasonable man, sn the 
position of the ‘ acquirer * of the 
property, would expect Ihe 
* owner ' acting honestly and 
responsibly, if he daimed any 
title in the property, to take steps 
to make that claim known to, 
and discovecaUe by *tiie 
acquire . . ..” 

* 

Those words, read literally, 
could be treated as bettng con- 
fined to cases of proprierary 
estoppel. Nonetiieless, the dictum 
was persuasive autinrity for tiie 
proposition that the duty 
necessary to found an estoppel 
by silence arose where a 
” reasonable man would expect ” 
the person against whm the 
estoppel was raised, ” acting 
honestly and re^nsebly” to 
bring the true facts to tiie atten- 
tion of the other party known 
by Urn to be under a nnstake as 
to their respective rights end 
obligattons. 

Tbe dmrterers were under a 
duly to alert the consignees to 
the true facts. A reasonable man 
would have expected them to 
do so. Aceoidi^y tbe con- 
signees established tiie estoppel 
by silence on which they relied: 

The second species of estoppel 
on which Mr WaBcer relied was 
a promissory estoppel inter pois. 
In the Ion [1980] 2 LI Rep 245 
Mr Justice Mocatta smd, at page 
250, that tile principle relating 
to promissory estoppel presup- 
posed inter aJaa “(1) a l^al re- 


lationship between 'tiro parties; 
(2) a r^resostation . . 

The correspondence between 
the parties gave rise to a legal 
relatiooship. If there were wy 
doubt ^out tiist 'becuiae of the 
noa-etistmice of any binding 
legal relationship, has Lordship 
wonld apply the dletom of Hr 
Justice Goff In' tite Teaas Bonk 
0Bse nmj S WUt 554. where 
be raid at page 973, "where . . . 
tiie estoiqiel relates to Ihe legal 
effect of a transection ... it 
does not necessarily follow that 
the nnderlirlng transactions 
should constitute a binding legal 
letotionsWp." 

•k 

The doetrioe of estoppel, 
applied to the facts as a rule of 
evidence, had the effect that 
the riiarterers were preventeJ 
from denytog the consignees* 
allegation that they were parties 
to the biHs of lading. Because 
they were to be treated as parties 
tbe ctmslgnees had a cause of 
action against them. 

The tiiird species on which Mr 
Walker relied was what was 
loosely described as an equitable 
est(^]^ not eonfined to cases 
involvine rights or interests in 
land. 

In Triors Fashiotis [1981] 2 
WLR 579 Mr Justice Oliver said 
at page 596, the question was 
"whether ... it was naconseion- 
able for the defendants to take 
advantage of the mistake." That 
ease, and the Texas Bank case 
appeared to support the proposi- 
tion that there now existed a 


species of estoppel founded on 
the general oquitable piincipte 
OB imicb Hr Walker r^ed. H 
that principle were applied to 
the resent facts, it would be 
uncoDsdonable for the charterers 
to be allowed to deny that they 
were the proper par^. 

However, Mr Aikens argued, 
with some justification, timt in 
the Texas Bank case [1981] 3 ■ 
WLR S6S, -the Court of Appeal ' 
treated the estoppel mot as equiti- 
able estoppel, -but estoiqiel hy 
convention. Lord Bacming said . 
at page 575, "When the parties 
. , . proceed on the basis ' of an 
nnderlying assumption . . . 
neither of them w^ be allowed 
to go back oa that assamption. 
when it would be unfair or un- 
just to do so." Lord Jostiee.Bran- 
don said at page 583, kind 
of ^oppel -which is leievaaa . . . 
is . . . estoppel by convention.” 

If, fxmtraiy to his Lo'rddiip’s 
view, the consignees had failed 
to establish any oxte of tbe three { 
species on which they relaed and 
the third spedes did not etist. 
then it might be that they could 
rely on estoppel by convention. 1 
Ihe "underlying assumption” * 
being Ihe assumption that ths 
charterers were capable of being 
made liable under the bUIs of 
lading. 

Judgment for tbe cmaignees. 
For the constpnees: Tkaotky 
Walker (Clyde £ Co.). , 

For the charterers: RhSusrd 
AifeCRs (Ince & Co.). 

By Rachel Davies , 
Barrister ' 


RACING 

BT DOMINIC WIGAN 


LULAV will be well backed for 
tbe Tztomph Hurdle at Chelten- 
ham if he wins today’s Stroud 
Green at Nevftury, His stable 
mate. Broadsword won last 
year’s Newbury race and 
became the shortest-priced 
Triumph Hurdle favourite 
since Attivo. 

Lulav hte had just two races 
to date over the minor 
obstacles. Be impressed on his 
debut at Kenpton on January 
22. holding off hds persistent 
challenger, IGBz. 

He then appeared to have his 
limitations exposed as he went 
down, albefit narrowly, to Gaye 
Brief and Rs^man in Doncas- 
ter’s RosringfaHi Maan Novices 
Hurdle. 

Those who had already bailed 
Lulav for the 'Triumph Hurdle 
were probably justified in feel- 
ing disappointed at Ms inability 
to peg back the first two horses. 


The Nicholson hurdler, beaten 
one length and one and a half 
lengths, was meeting Gaye Brief 
on wei^t for age terms, and be 
will need to show a few pounds 
Improvement on this occasion if 
he is to cc^e with some talented 
rivals, including Brave Shssar 
and Dr Steve. 

There is likely to be little in 
it; and it is wkh more hc^e than 
confidence that I take Brave 
Hussu- to gjve 51b to Dr Steve, 
who proved Mmself about lllb 
behind Goldspun at Tieiegster 
recently. . . . 

For the afternoon’s best bet, 
backers are probably best 
advised to wait for Uusso in the 
Haig Whisky Novices’ Hurfie 
qualifier an hour later. 

NEWBURY 

1.30— --l3st Argujiient 

2.00— Lucky Cati 

2.30— 'Brave Hussar 

3.00— Hr Gumboots** 

3.30— Husso*** 

4.00— lady Martha* 

AYR 

1.15— Mr Rafferty 

2J5 — ^New Fonnnla 

4J5— Super Solo 


iLFd 

SisfL' 


' X 


• - -.*• f P ■' 


i-EW 0F!5 

hill! 


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FACTORY TO LET 

XaCT - NULtDSTONE AREA 

Genenl InduiRriel Unit -with oSicee 
end ell servicea. B.000-10,000 eq ft 
writh ample periling and good lite 
ace'ese. close to M2D. Avapeble 
June. July 82 for year to year or 
medium tenn.'Ce/>reet.* 

Mr Proctor .(0462) 731276 


CAERPHILLY 

MODERN FACTORY PREMISES 

(with subaant'ial Office Block) 
135300 oq ft on site of Sit acros 
In ueo as Foundry but having Ciaae 
X Planning ConaanL Long Leasehold 
lor Mio with vacant poasaasion. 
THOS. R. JONES a CO. 

5 Forasata Street, Worcester. 
Tel: 0905-27797 


INTERNATIONAL PROPERTY 


BRAND NW Fktfortertftrehoii^. Col^ 
hlU. Near to MS Motorvnv and N3,C, 
TW: Colmhill 66479. 


INVESTMENT 


Baade in die profits 
YOiir own Investment 

Forles8than£8yOOOYQUcanhawealuxiry 
mobBe homeat Castell IBiNiipi; 

WM) one of Ihs finest boKhea in Spabi. Eatarthwi unsponSahng vikOB. 
is testbecomau one of fiia MedX beat holiday cenbea. My 40 mflas tern 
Franca and ns m metonmys. 

Biv a hoSday home there, enjoy re golden sun dkelng your hoiday, 
Wgwgm wM him 1 Wo a goMann oa egg lor you when you're not there. 
Wim^ re laigeM LK tENrators e( reu Kind in Spre will take care of 
weiything. Tlw year Oieyl distdbuie naaily 3 mUlon bndwres through 
WJf.Snfiffli.TTMAA.SeaW(,E»cfangBTreiioLArnw.Blcldtatd8et E . 
wHi your hefiday home Included et causal 
Phuw or Mime for Ul Witten daiallB, today! 

WIGWAM 

MCeiLElOSES -»m«3«i 



100% IBiVS AVAILABlf 
on superb oew luinary- davelop- 
mant on Galmlngten-Tra ding Eatata. 
Taunton. Somaraet. 4,000 aq. ft. 
in total, divided- into four -units. 
Initial guarantee available - from 
developer at £12.000 p.a. .Freehold 

Eisaooo. 

• • NEIL FRAIS KEUY 
345-GtBy* Im Read 
London WC1X BPS. Tal: 01-2» 0291 


RARE - eOMMEROAL INVESTMeir 
^enVRTUNmr. Hatlea brdo^ ecl. 
Two SirenantW adJalnlM -Froeertre hi 
Fremlnenr Locatloii, the Malor Oolldlag 
of 12.600 SO. ft. heviag Ivll elhce we. 
Cwrently produclns £142300. m 
approK. wKh reverslomry and possible 
deweiepmcfit DOtetHMl. Men. t nylted In 
the region of £l.7Sm for tha FreohDld 
. Interest subject to Centraet Seleuacts; 
DE GftbOT CDLLIS. 9 CHHord Sneb 
London W1X 3AL. 01-734 1W. 
GUILDFORD, North Street. FreehoW shop 
UHaatment let to muttiDlt eevenent pr^ 
duclno £14,000 per annum on FRI 
lease. Review 198S. Details from 
AliCtlonaerB ‘ Clarice Geminen, 45 High 
StrvaL Gulidlord. Tel: GulMlord 72268. 
FREEHOLD WAREHOUSE InvostPienk 
Nr. High Wyeomtae. Sinala-sterev unit 
bunt *78. Let to sutastintlil .private 
companv. SS year FA. A I. Lcas^lrom 
Jan. '79 at £20,926 P.4JL S-vur 
reviews. Estimated. R.R.V. . 
w odera Invited. Edward Gray 4 
ESrahOi-oos 0121. 

100% ' TAX DEDUCTIBLE. - Newly con- 
etrocted 16 A l^nvestnwnt In 
5 BrtiU X 750 -aq. H. Rei^ £2.194 
PJ3. each FR». 6 m^^rental snaran- 
tea. £26.000 each 6d. Herne and Cat. 
133 New Uniae SL, Covantrv. 


SHOPS AND 
OFFICES 


lutom— SZ 43fi 5.B43 sq. ft. aPlees avan- 
Bhlfc^reitt lyital enly £X2S,per 
so. ft Will dfvWe on « fle er by. floor 
ba ffte- No premium raquiivd. TW M. J. 

Thoniosen 058M12 61. ^ 

POURLE OR THteLS -CORNER SHOP, to 
M. Busy south LMdOfi main road. Suit 
anaiKlu Institvtioni. hnitiples, etc. No 
promTum. ySO 1533. 


BUILDING LAND 

and sites 


BUtLDINC LAND— Jelet Venture, An 
ooportunlty arises tor • a Reounble 
BulM(ii 9 Cempeny to eonsiruee approxl- 
matoly lOO- Privaco Dwellings over an 
Prtimatoti period o1 toran yenra. lecaUeh 
Lincolnshire. .Wo have the 
rMBire a ftxad pereantage of ti m final 
•Bale nriee as out censIdereHan. Fortner 
detallt! Bax No. TSBis. Flnanetal TWiaa. 
10,-Csnnoa SVoet EC4P 4BY. 



lOHN l.)W)OD 


VALE DO LOBO-ALGABVE-FORTUGAL 
FaroAvT>ort onfy 15 ndnutes 
AS FEAnJBEID ON BBC TELEVISION 
HOLIDAY PBOGRAMME 
VALE^ LOBO HAS BEEN DESIGNED 
FOR THE AFPRECXAnON AND LOVE OF 
BEOPIB WHO DE MAND THE BEST 
OF EVERYTHING 
SELEXHION OF SUFE3ZB VnXAS- 
AFAHTMENTS-FLOTS 
PRICES frexm about £50j000 

Exduarel^itiesincludeCbamptonship ' 
GOIFOIURSE, ROGER imORTENknS CENTRE, 
leisore centre, swimniiiig pool sandy beech, 
restaurants, ni^ t dubs, hotel sapeniurkel shops etc. 
Breehiires from Sole UJC Agents 
Jobn D. Wood (B«f 
23 BericeleySqoare London WIX 6AL 
Td:0I-6299050 Itiex21242 



SEYCHELLES 

HOLIDAY VILUGE 
For Sale or Joint Venture 

Building works snd utilities completed on 210 beautifol beach* 
front acres on Praslin Island. Villas, flats and hotel rooms. Total 
of 98 bedrooms (mostly double). Planning consent for additional 
31 villas and 16 flats. Properqi requires furnishing arid equipping 
at cost of approx. US$1 ,51X1000. 

Owner would sell for US$4,500,000 or would be interested in a 
Joint venture whh hotel, travel or prepeny development groups 

Full details from 

G. TAYLOR 

Chartered Aeeountaat 

15SOUTH MOLTON STREET.LONDON, WT 
TELs 01-629 »91 



ANDY BEAN lives and plays here, 
NAVRATILOVA'S played and won here 

If you would like to own a home with 
AM ASSURED MIHIMaM IHGOME FUR THREE YEARS . . . 

invitatiw to stay for five days in your future home and sample the luxurieu I, 2 
and 3 bedroom condominiums on this 750 acre resort, featuring: 

Sr?* SlSf’ “r «>"«™rtion. 13 tennis eourta, 4 swimming 

c^r' Conference Centre, Lounges. Restaurants, Parcourse 

Fit-Trails. Fishing, Boating, etc Professionally Hana^ Rental Programme, 



^re Snnaym 

■I bOMOMbireBSL 
nn l^OdODHISaiNB 

BEA1BS 01-43&7454 


Prices from $115JN)0-$219J100 

For lull douilo ploooe eeatoet: 
gcrie UK R»resentativss, 

HEATHS, C^hartered Survayon, 
a Downahire HUI. Hampataad, NW3, 
Telephone: 01-436 7454. 


Grenele 

^^’Bd^andte r o do t e s or t 


CANAfiA 


REAL ESTATE INVESTMENT 
OOFORTUHITIHS 

• Toronto Office Buildings 

• Toronto Apartment Boildioaa. 

• SI ffliliioii Canadian and up. 

• 8% RX>.I. 

For further informatton contact: 
David TUrobnll or H. Resmioio 
WINZEN REAL ESTATE LIMITED 
as Richer Sinet. Wkst Itaromo 
Ontorlo. Canada. MSH 2C8 
none C416» 883^H>71 
Telex 065-24191 


\!OTjDS©[jl 1 


EXCERieMAL INVESTMENTS 
JERUSALEM 

, German Colony- 4oo ao. m. on 2 
levejA Htotorlc Heusa. Facing park, 
^torden + vwwa. Extenalve Intarlw- 

iSS3so.ooo'*“- 

pfS 

PMVdfiittlii OP Coninvclfil 

use. USo578.000 for qaldc sSle. 

•r ^ above wrRo Box 


INVESTMENT FLORIDA 

Represendng prestigieus investment oppommitles titroughoitt 
Florida. pgrTicuIar()r the East Coast and South West Coast, 
now the fastest growing areas in the U.S.A. 

Commercial fnvesernents, farms, citrus groves, large acreages 
witii beach from properties, zoned high rises ready for 
development, luxury beach front condominiums, wacer/beadi 
front lots and homes. 

Between new and 1990, Rorida wfil become the fourth most 
populated state in the U5JV. 

For detailed rnfornKrtion, contaet: 

MrAnge Poerio (Broker Assodate) 

e/e James L. Walker (ReaMer) 

«33-9th Street' 

PO Box 475. Naples 
Rorida 33939, USA 
Phone: (0101 ) 813-262^24 
or in the UK plwne (0494) 40729 


Come on in, the weather's fine. 

At La Residence, in South FiorJda. 

^Our fine condotniniuma oner an invaatinant choice of 2 - ar 3 .ha/inu,. 

U " »Jwrt dliva from 3 Imernatlonal elrpem- mem 
-*■> South Florida^moat 

aephistlcatcd and exciting eitiaa. 


La RESIDENCE 


Contact u.«: ' *~m S120300.S17S.000 

U «. ae » AHTBCA 01-402 7186 

No. 21, 36 Bryaneten Square. London W1 Totox 2te4S7 Artoka 6 


SLAUeUSmEFLORlOa 


paicAMimncomoMuiuM 


Affyof rtw 24iedro(xii, 2«halli oonilomiiinim. Fill 
ivaDrto-weU caipeting, cental ah cohdi^^ 

li ct ' WM»m 8ieOc^andlatercoastal'VlhrerwayTiKir tlM»/Jdooi- 

city ffl ilu 0-S- ]&U’oy tennis, swixmmiie ia year rnmd 
snM K j n e. E s cen g ntm gesnneDt US $49^900. 

Go^lMeStBoxTBC 


SL 

384471-0904 


USA 


Florida 

Apartment 

Investment 

British investing, group are 
offering for sale a block of 6 
excellent 1 and .2 bedroom 
Condo's in. First Class Fort 
Lauderdale buildings. Priced 
565,000 to $70,000 U.S. Dollars 
each. 

Call Ken. Ceresne, 305-272-1244 
Mayfoir International 
1 1 18. East Atlantic Avenue 
Delray Beach* Florida 


SWITZERLAND 


FOREIGNERS ean bu)T apartments 
on MKE GEN^A, in Montreux 
near Lausanne, .er aH year round 
resorts: St-Cargue near Geneva. 
Viliara, Lea DiablaFoa and Vaibier. 
FINM4CING UP TO SO-70% AT 
LOW INTEREST RATES. Aiao 
quaitty epertmanta in France: 
EVIAN on Lake Geneva, end 
MEGEVE, summer and winter para- 
diMB, both Mpreximately 35 
minutes irtim Geneva with NO 
RESTRICTIONS. 

Adviaa araa preiarred 
Write 

Developm* c/o Glebe Ptan SA 
Mon-Rapos SA 
1006 Lausanna, Switmriend 
Tal: (OZlj a 35 12 
Talax:- 25 195 malte di 


SILICON VALLEY, CALIFORNIA 

FOR SALE OR T-UiAgT?. 

NEW FREE-STANDING WAREHOUSE 
24,300 SQ. FT. 

excellent distribution, finance AVAILABLE 
900 S(2. FT. AIR-CONDmONED OFFICES 
Tel: London 01-446 3183 


YOUR SWISS 
CHALET 


direct^ 


from ewnar-bullder 
tbe beautiful 


VAL ETILUEZ 

180* view on Alps, efoea ta lake 
Geneva, heart of big Winter/ 
^ Summer araa. 

SwFr 182,000-iJndusive land 
SwFr 40.000— only down payment 


Mornage over to years. 

High quality. Many lefennces. 
Free tor sale to foreign guesta. 
Only 4 chalets avslisbla at this 
condftion. 

P)ei66 eorrtaet Alain WUSCMBi, 
22 avanua Luearna, 1203 6BVEVA 
(Switaerland). Tal: 0S2/8SJSJS0. 
totex: 28 96 23 ECO CH. 


FLORIDA U.S.A, 

TRUST MUST SEU 
LAND HOLDING 

1'^^. *S‘.Bn FlorWa’a Gulf Gaam. 
Bargabi ar^ i u niUm of Shaieihie. 
M* mmioii^loa-pBr.dty mloenl 

SiS“«r"iS.£" 

SRIHNGi TRUST 
CBM Coral, dlorre ^16 ua,A. 


DALLAS. OAUAS oaaertBnlto to wriwaa 
muBped aatoto In Dallas^^^S 

tSE omm bSssf 


SWITZERLAND 

UniqM opportunity. Freehold Build- 
ing Plow for sale to non-Swisa. 

Sn, 

Prices from EISJIOO 
i. ConacD 

fe' AIAS, Pereat Way. 

Woodford Green, oi.s(& 3 SS 

or Geene Gupta & Co., 35 soward- 
Rm R^, Chinalord, tendon. E4, 

v1w8 1335. 


PROPERTY COMPANY 

FOR SALE 

with $elf-financing Investment of 
condominium property situated 
in Florida, UA!a. 

Write Box T9B77, FimitAI Tunes, 
10 Cannon Street, EC4P 48Y. 


Invest in Boca Sboree 
oh norida's West Coast 

Witerfrent condomlnlom honns, 
Pfoiesileiuny uacoratad wMi new 
furmtura. Near restaDrantffi beadi es . 
shoeplng , . . atirtlne at S52.990, 
156 sold: only 34 avalUblb Biyslda 
Sool. MBu. clubhoiBB. u Q fi t , immadl- 
ite eeaipancy. Contact Roy Rice. Boa 
Sbors, Na lie 8911 Blind Pais Rd.. 
St PeUfSburs Beacta Fl. gSA. 33706. 
1813) 360-6949, 


ncHT MVMUATIOH. Buy year aoart- 
mnt, belWIng or part of it, Io^ao 
A it g ele i, C alWomla. USA. . MlN 25% 


PPtol Mia/war + gaaraatEcd InconS 

maiffir?j2S5*r.l.“^ «« «- 










llnaiKaal 


TECHNOLOGY 




’ - roiTED BY ALAN CMiE^- 




i«v 82 - 1/14 



M'll" 




FER-RRMT I GH I N 
QCE'S'S,QRlfiH/i$ 



KfMi 


Ferranti's low cost Cbinese word processor, left, and a sample of ideograms on the screen 

Chinese word puzzle solved 


Energy work at Et 
as pay-off neai^ 


BY GEOFFREY CHAl^LlSH 


BY NICK GARNETT 


A HUGE proportios of the 
world's population has been 
totally bypassed until now by 
the revoIntiMi in computer- 
based word processors simply 
becanse an historical acci- 
dent of language. 

The word processor is 
essentially suited to lan- 
guages vdth alphabets — a 
finite nnmber of elements 
used as boilding block for 
words and sentences. That 
Tirtoally preciodes China, the 
most populous conntiy, and a 
fl lot of smaller but economic- 
ally important nations whose 
languages are made vp in 
total or in part by diaracters 
rather than letters. 

It has hindered the use of 
sndi equipment in Japan, the 
language of whldi is com- 
posed of both diaraeCers and 
an alphabet 


These ideographic langu- 
ages hare proved to he a real 
headache for computer manu- 
facturers. For example, a 
word processing system that 
is to be of general use to 
industry and commerce in 
China needs to have a stored 
dictionary of at least 6,000 
characters— ''pictares'’ made 
up of indiffdoal strokes, each 
character representing a 
word. 


Terranti Computer Systems 
has a language word proces- 
sor which it believes to be a 
breakthrou^ in terms of 
technique, simpUel^ and com- 
mercial viability. 

A complete system will cost 
about £11,000. It has already 
been displayed tii China and 
is dne to go on ^ow in 
Peking next month. 

The company believes 
potential sales for such ideo- 
graphical language processors 
(ILP) could run into billions 
and that the basic principle 
used in the Ferranti model 
could be osed for manufactur- 
ing processors in other ideo- 
graphic languages such as 
Japanese, Korean and Arabic. 

Ferranti is by no means 
the only computer company 
which has been tussling with 
the problem. Toshiba is work- 
ing on a system based on voice 
recognition in which the pro- 
cessor would analyse wUch 
character was likely to rep- 
resent what was spoken to it, 
given the fact that the sound 
of any particular Chinese 
word is nsoaljy the same as 
that of several other words. 

IVang is selUng a system 
using a technique of fiuilding 
up characters to an artificial 
set of rales. 

The Ferranti ILP system 
utilises a method suggested 
ajxd developed by Vu Ray- 


mond Wu, the company's 
project manager. 

Input is based on the prin- 
ciple that phonetic Chinese is 
represent^ by the Roman 
alphabet The operator, for 
example, wishes to process a 
sentence beginning vrlth the 
word Shanghai and to be 
written in Chinese characters 
on the printer. 

Phonetics 

He or she taps out on the 
keyboard the word “ Shang ** 
which is phonetic for the 
actual Chinese word. The dis- 
play unit will then show 22 
characters from which- the 
operator will have to select 
one. 

This is hecause the sound 
** Shang ” could be 12 dif- 
ferent words — business, up, 
appreciate, for example, or 
the first half of the name for 
China's biggest city which is 
what the operator is seeking. 

The operator, speaking and 
reading Cliinese, will recog- 
nise the character represent- 
ing the word he or she wants. 

Ferranti sees its oiaiu 
market as Chinese dealing 
with other Chinese, not only 
in China hut also in Taiw'an, 
Hong Kong and Singapore. 
Apart from the normal bene- 
fits of the processor, the 
company believes Us use 
would have a particular 


dramatic effect in three main 
areas. 

First, it would he -a tool 
for companies handling docn- 
meuts which have to be re- 
vised and updated. The 
Chinese do have a typewriter 
but with 2,300 ctuuncters. 
This is slow, cumbersome 
and rcstneted In application. 
The ideograptuc language 
processor would even the 
odds. 

Second, the Cbinese have a 
natimial/intmtationa] telex 
system which cannot tiansmit 
Chinese characters. ^ 
Chinese telex operators have 
a standard telegraph code 
book listing 9^199 characters 
each witii a ^edfie nnmber. 

To send a telex Involves 
issuing a series of numbers 
which have to be mantaUy 
coded and decoded. The ILP 
system will do this coding 
function. 

Finally, the ILP can be 
used for a whole series of 
functions, involving ^ata cap- 
ture in which the msuthine 
WQold be linked to a bigger 
computer and where a mix- 
ture of information in both 
Chinese characters and an 
alphabetic script could be 
ta^dled. Ferranti is examin- 
ing the possibility of utilising 
the processor as the input end 
of a phototypesetter for print- 
ing in Chinese. 


tee U.S.. work tm the 
direct conversion of heat to 
electricity a^eazg to be 
approaching ^e point of 
viability at the same moment 
Chat the U.S. Government sxlmis 
to terminate its fimdin g. 

Theimo Electron Corporation 
of Wailtiiaiii. Hass., has now had 
one of its fleme-heated 
tbenmonie energy converters 
running for. over U.pOO hours 
under realistic conditions. The 
devices produce elec&idty 
direct from heat energy; tiiere 
are no movixtg parts. 

But the U.S. Department of 
Energy, in what Dr Fred 
Huffman of TEC calls ** its 
iiifinite wisdom " has decided to 
tertmnate funding in 

The technique will probably 
never allow' ffie total heat of 
a furnace to be . directly 
convened due to- the basic 
physics involved. However, 
according to Huffman, who 
manages the company's direct 
energy conversion departinent, 
these devices could increase the 
efficiency of present hydro- 
carbon fand nuclear) powered 
generating stations from a 
nominal S5 per cent to about 
50 per cent 

As hychrocarbon prices 
escalate towards the end of 
the century, these and 
developments are bound to 
assume increasi^ importance. 

Present etectrieaZ generation 
methods are mtoriously 
wasteful. Up to twp- thirds of 
the heat energy from the 
con^ustion never appears as 
electrical power; it goes up the 
stack or into the cooling towers. 

At the furnace end of the 
conversion chain however, 
where conventional equipment 
cannot m^o good use of hi^ 
temperature heat, thermionic 
devices are at their best, the 
efficiency improving with 
increasing temperature. 

TEC has cells an inch or two 
in diameter and a few ineffies 
long which, used in furnace 


r. TOcss w 

-*'j,fe5BwoR 


‘nMesTSN 

aUTTER/SL£E 



•'V 


The enffifgy omTertU', above^ hew it wox^'bd^«. 


walls in large manberx, could 
already produce current 
densities o£ about 10 amps sq 
cm of oeH surftt^ The voltage 
is low, about 0.SW per cell, but 
many would he Connected in 
series to give pra^kal voltase 
values. 

The- DC current- produced, 
could be converted to AC by 
modern power Inv^er systems 
and added to thq station’s 
output— q process ' called 
“ topping." The remaiaing, 
reduced temperature gues 
would then pass into 
tbe customary steam/rotary 
maelune chain. 

The teduKdogy «Bq»Ioyed is 
similar to ithet oi Ibe old iher- 
miomc diode valve u^d in 
electronic equtynieot up until 
the 1960s. Housed innde an 
evacuated glass cylinder was a 
small piece • of electrically 
heated metal- or metal oxide 
from which ^ectrons bc^ed 
off into the vacuum. A second 
plate, carrying, a positive volt- 
age. attracted the dectroas. 

In tile TEC eeti the two elec- 
trode su^ces are much tioser • 
together' and the Petrous 
move across under thermal 
effects oitiy, to-^ve a cureest 
in any vernal dccuit con- 


Machine dmes 

THORN Emf 
fAntpnUtticMt ^ 

Ragele^StsffSyE^knd 


Controls for mdusin 


V bees -nutec- ^doatisg, 

~ have 

- been looked at and. 11,000- 
; .was ebt^ned. with a 

■ ' 

• fay chefflfcal-' vapour 

depe^tion. In ^testing; the sbeH 

: ha&hti^iptideGted .to- t^^ 

■ ture\!@radi^ ex(»«9i]ig^T,000' 
deg'K per centtotiie' some. 20 

; hetween 900 tteg K ai;^ 1,873 
' deg -K;y ‘100 ' tios^-.-Witbopt 
'1 .failure. ■ -■'V'- -• 

Xlut ailicon - cbibide thus 
•V ^tied is-«sp6Qsive^egiaj« the 
• special ioconel alloys that hm 
2)^ tried. -Nerer^lf^- f^ 

; os>itaI -ODst per .^ewitt^ha^ 

' been, bcou^t -'ftom .'m 

-to.“ 'aa:e]Epe(^" ^5QQ/kW at 
pr^nt' KiSinah-' is .-honest 

. . hiTiVrprr^.'‘‘ThrriifiWhu "~.i;ni'Lgj> 

Tcon^isiffn is~ hiS> 

pay-off 

dOBion^nitioii. 'fiow fys 

wi**ve viwf stiill a • 


TOriedbetiveentiMjCWOw ^ 

A31 <k lOhis ea^ enooi^ 
ito do jn iabosnticayj but. ti>; 
replxcttte iit in rise oocr o ^e,- 
high teznpesaticre VMEvi^^ 
of a fwnace- is' AMtiier motttyv 
The basics, 

tile Ughest ■ pomiibie tempexur ' 
ture is. -needed vto 
tiieastti-onie/ -nfficiktciy (more 
^ectrons ^ emtixed) 
hi^er Ibg ten^raiture ^ 
more dfficuU Bg bMomes ti> pre- 
vesst omdaflsoii'^ tiie. c^rr-^ it- 
pam. op/ 

The s^qabiTe :c£ ttiae 
coaxial^' 'emattEr: pa 

Ibe outtide, lece&vfing makimuim 
beat, and the qoircooled' swUec- 
tor' down'-tiie heoilse.".' 

TEC’s printip^ pi^Ieiia' : 


frade-^^: tore be 

: joshed -witiL. Vl'br .^m 

' tile' -tiifeD.<Mie8' ar& 

. ,-than. ^.thbu" 

- ap^ ^elei^DiL- doud ctiled 

/A; up 

.--ibetwera cur-’ 

'.3rent. :-Tbe ./totroduetion of 

• r caetiuin' pc^vents' aHm 
. is 

• TEC 

- .tog..ib^^^^9h-u:i^ty.spScmg 
■ wilb'. v.VptifiapaffiictDt ^ 'powder 

' . eibh d'^ito atinmr^ •: ■ 

./ in 

axKdker ' 

...Wtyking UL.thq.»% field and 

- recentty^|ir{»ae^' about 

: ..-ifie 1 5ize':4'<ig' <'waate ■ papa. 
:.batiGet:ji^aii-«itput 'eg 6,500 


Electronic ^notepad’ int^t^e 


TRIUMPH ADLER, the office 
eqiiipment manufacturer, has 
developed software whi^ 
enables users of one of the more 
unusual “electronic notepads, " 
the “Microwriter" to transfer 
information to and receive data 
from a TA wordprocessor. 

The Hicrowriter, invented by 


Mr Cy Endfield and manufac- 
tured by his company Micro- 
writer. jointly owned Ity- 
Hambro Life Assurance is a 
hand-sized b.ox. equipped ^with 
six keys and' a ^tinkle tine 
screen.:. . 

By“ pressthg the k eys in 
varioQs '^a;« ’iV'Jf' ^S5KKIi"'fD* 


write and up .td'Sj^t'liSO^ 

words' in' the' aniaehih^ ^-'^'Thh? 
Stored text dan fie’ 
a vidM monitor or out 

into screen or printer,..i ♦ --v, -j 
TA is on 01-250 i?l7. ICcfo-J 
1 


T Oh ■ tto • g^ 

..e^etrod^'jnJn^ceaSh fte effe6 
. tive. surtooe raeeai-aad ^euiTtiit. 

■ tn^iu^BtyjT tte . thaimi^^ 
• tytiun^ristig^tJitetpsedmcon- 

jnptkm wffc^mio^^.teotoriogr 
/called . m^ maohydro- 

■ dyniiaaes.-^-^ lito: initial 

bot.gas^FwMdS.ate ^l&trically 
coodneti^^ would be passed 
tfaroa^ 4L4very. strt^ oaxagnetic 
fiel^ p' ^mrent. The 

oUtynt gisav 'stiQ vety .hot. 
^wnuU^ -titmcr the 

i-Afthough Broi«ni^-&veri has 
.i.2)i^j.«ejcine^ the TEC 

woric.- v)‘ difier ttieraodomc 
ootivfty-i^^owirtdbe going on 
jg. certainly 

none m tto. 'uK 
















15 






Fe>7nary 12 1982 



COMPANY NOTICES 


APPOINTMENTS 



J V IMTICE OF FINAL REDEMPTION 

-■ - ^ / -r • V V ; REPUBLIC OF AUSTRIA 

: 6^Bonds1982 

*wtonption of ihew Bonds will be effected on 15th Merch, 

/ ■ j J I '--L ; 30, Breaiwn Street. London gftff ?eb., 

Afients named OR tfio Bonds. 

’-. cmto accrue onihe^nds on and after IStfl March, 19BZ 

on tte .L. 9 i«o Mo», hw no. a. 


09782 ■• 'f»783' 
106?S. *- • 


oo6lstb'obo2o 


20S68 20Stt 


.93088 • 036S3 


.07220 07B75 

T1969 11957 


oosm ' 01184 
<01 668 to 01 B73 


•;i2083 12084 

:;ia465 . 12466 
14260 14286 

14S90 14819 

16822 1 5779 

36247 to 36249 


15diMBrdv197S 

09889 09896 10273 10774* 

lltasto 11138 . . 

■■ IStbMacdvISTS 


10604 10606 


15thM«^1977 

20675 

15th Mareh, 1978 

03729 04892 04896 04889 

15th March, 1979 

07805 07770 08320 11197 11354 11356 


15th Mardi, 1880 

01317 .03318 . . ■ 01320 01464 

01S79tO 01583 01692 01593 

15th March, 1981 

*12130 • 12131' • • 12300 12438 

12664 12665 14085 iItoI 

14321 to 14323 
" 1537310 15379 
16814 15866 15872 

16363 16364 


30, Grediam Street, London EC2P 2EB. 


01465 01522 

01674 02356 


12456 12457 

14039 14259 

14356 14357 

15640 15695 

1616510 16167 


12th pAruary, 1982 


THE Mortgage bank of the kingdom of Denmark 
(K ongeriget Danmaiics Hypotekbank) 

5^ U.S.$ Bonds of 1964 Series XIX 

^ LTD., announce that ihe annual redemption instalment of 
u.S.^00,000 hs been met by purchases in ihe merketto the nominal value of U.S.S458.000 and 
■oy a.drawing of Bonds to the oominal value of n.g.$34;tD00. 

■ fc^om^ dfetipciive numbers of ihe Bonds, drawn in the presence of a Notary Public, are as 


3501 to 3510 
3734 3736- 

3876to 3880 
3971 

4053 to 4055 
4163 to 4163 
4315104318 
. 4394 to 43981- 
4581 iq 4588 
4662 4663 

4707 . 

4966 to 4968 
5042 to 5048 
5229 to 5233 
5401 to 5409 
KSl.to 5540 
.5B59.CO 5662 . 


3568 to 3572 
3801 to 3805 
3900to3902 
3973 3974 

4074 4075 

4169. -4170 
4324to4327 
4416X0 4420 
4608 

4666 to 4675 
4721 to 4732 
4971 to 4973 
5203 

5235 5236 

-5481 5482 

5591 to 5594 
5693 5694 


3646 to 3654 
3809 tt 381 5 
3905 to 3913 
3976 

40B1 4082 

4213 to 421 7 
4346 to 4360 
4446 4447 

4611 tO-4621 
4681 to 4685 
'4864 

5013 5014 

5205 to 5213 
5273 to 5282 
5486- 5493 

5601 to 5603 


3678 3679 

38S0 to 3852 
3919 
3979 to 3985 
4088 4097 

4232 to 4240 
4353 4354 

4449 4521 

4643 to 4645 
4688 to 4692 
4875X0 4878 
5020 to 5030 
5219 5220 

5288 5289 

5503 to 5505 
5606 to 5610 


3709 3710 

3856 

3922 to 3SS0 

4044 4046 

412<«to4128 

4247 to 4251 

4364 

4558 

4659 

4699 to 4701 
4892 to 4900 
5036 5037 

5225 to 5227 
5308 

5523 to 5526 
5665 5656 


On the1^Mardi,1982, there wilt becomedueandpayabieupone^ Bond drawn for redemiv 
tion, the piladpel amount thareoL'togedYer with accrued interest to said date at the office of:>- 

-SlG. WARBURG & ca LTD., 

30; Gresham Street, London EC2P 2EB 
or with one of the other paying i^erre named on the Bonds. 

'■ lirterest vdll cease to accrue on -ithe-Bonds called for redemption on and after 15th March, 
1982r snd Bonds so presented for iMymsnt must have attached all coupons maturing after toat 
date. ■ ' • • ' 

U.SL$lAOO,OCDn6minatKnotOTtof Bonds will remain outstanding afterthe 15th March, 1982. 


30, Giasharh Street, London £C2P 2EB' 


12di Fdiruary, 1982 


The Comidlsston of die European Communftire informs ail Bondholders that a selection by lot for 
prin^pal amount ofU:S^1,383,00Qh8s beeh made for redemption in the presence of a Notary Public 
rBwiCiiMTntemadoriale & loixernbourg. 


310 

389 to 398 
ff#64:tb- 499 
>.a96tft..717- 
.^03grt»1046 
.‘l^to'1423 


S96.19 to 1683 
^S'M96to .1897 

':>'1949.'-’ 

^.7986 =.■*.• 
<aM»1o9D52- 
is2l0a6:^,^097. . 
.-2222'-. L. .. 
;-<:Be3lt0 2267 
-;*-'27fa->-' • • 


320 to 331 
'*410to 413 
66610 570. 
719 .720 

1051 TO 1054 
1428 to 1437 . 

■ 1475 

151410 1516. 
169210 1695 
1901 to 1907 
1951 10,1955 
1990; 1991 

2056 . 2067 
215910 2166 
2233 . .2235 
2271 to 2290 
2720- 2721 

2816 to 2833 ' 


335 to . 338 
< 41810 426 
611 to 643 
. 723 X0 730 
106210 1084 
1442 to 1445 
1477 to 1480 
.153110 1687 
1701 to 1862 
1912 1913 

1960 1961 

199910 2028 
2071 2072 

21 78 to 2200 

223710 2240 
2692 to 2696 • 
2725 to 2730 
'2835 to 2860* 


340 351 

.. 429 430 

649'te 651 
741 to 767 
132410 1334 
144810 1457 
1483 

1601 10 1610 
186410 1866 
191810 1924 
1964 

2032 2033 

2076 to 2085 
2206 to 2208 
2255 

2699 to 2709 
2791 to 2798 
24913 to 25000 


35310 360 
434 to 452 
660 to 668 
651 to 890 
138610 1397 
1489 to 1483 
1496 to 1498 
181310 1615 
187010 1889 
192610 1933 
1971 to 1976 
2037 to 2039 
2087 to 2092 
2211 2212 
2257 to 2259 
2711 to 2715 

2801 to 2808 


Principd amount of Bonds purchased: U.S.S317, 000 
. PrindpafimountodJadforredemption: U.S.$1.7004}00 
'-•.•/'‘.'V'r '' ' PHndprt ambunturryn o r f isedafter 1st Marsh, 1982i. U.S.^.000,000 

' '"'nie Bonds' selected by lot will be reimbursed bn or after 1st March, 1982, with the coupon dua 
MarA;-lB^,'and MIbvdng.in accordance with the terms of payment mentioned on the Bonds. 

'' ’ ** -The fdlqwing Bonds predoUtiy drwn- for redemption on tiie date -given below have riot as yat 
' ’ -been presented for paymetrtt- ' 

• - . 1st March/1981 

. 74ni0 7474' 7476107479 7552 7653 8114 . 8137 '8138 

'-^Uixeinbourg 12th Februaiy, 1982 





6j% Sterling/Deutsehe 
Mark Bonds 1982 

NOTICE OF FINAL 
REDEMPTION 

S. G. WARBURG A CO. LTD., advise 
BoiHlholdcrs that ail oittstandlng 
Bondt or the above named lean are 
redeemable at par on Idtb March. 

. 1982 and Chat Interest will cease is 
accrue an that date. KoMers are 
reminded that In order to oualihr for 
sayment in Deutsche Mark at the txed 
rate of DM 11.11 to £1. 3onds must 
be presented to Paylns Asents by 
26th Fetaruarv, 1982. 

Bonds are payable ac— 

s. G. WARBURG A CO. LTD.. 
SO. Grashnm Street. 


or with any of the Aflenm named on 
the Bends. 

The follewina Bonds drawn for 
redmnptloh on the date helew have 
not yet been presented and ere there* 
fore not etlfllble for payment at the 
bxed rate of eonyerslon for Deutsche 
MariL 

141b Marek, 1980 
£90 Bond Nos.; 

15S75 to 15577 
30. Gresham Street. 

London. EC2P 2EB. 

12th Febniary. 19B2 


NOTICE TO HOLDERS OF 
EUROPEAN DEPOSITARY 
RECEIPTS <EDRs). IN 
RYOBI LIMITED 


Further to notice of 13th November. 
1981. The Bank of Tokyo Tnist Com. 
panr. London, u deoosltarr Irtorins 
EOR tioMers that shares In respect of 
the free dMrlUitJor are now nvallanie 
In Tokyo and. in order to obtain 
these, coupon No. 1 shooM be ore* 
seated to the depositary or the 
denesHary's aoent fhe Bank of Tokyo 
(Luxembonrp) S.A.. 22-24 Boulevard 

Royal, Lcnemboin. 

CPupoii holders shooU submit 
dcllvarv and raolstratlon instmctlonB 
covering their entftleaoent of New 
aheres when presenUop ooaoon N& 1. 

TtfiBAHKOFtoKW^TRU^ 
London fOeposltaiy) 


SOCIETE HNANCIERE POUR 
LES TELECOMMUNICATIONS 
ET L’ELECTRONIQUE SJL 
S.O.F.T.E. ‘ 

USJ$SOfiOOfiOO 

Hoating Rate Notes 1980/1986 

Irrevocably and Uncowfltlenallv 
Goanoleod by S.T.E.T — Bodalb 
FinaiWarUi Telefonica per AMeel 

We Inlbrm Gondholders that the 
U3,2.00B,oeo redempden Instalment 
due- en Marcta 16. 1982 was entlrelv 
met by pnrebases In the market. 
Amount not yet redeemed after thia 
Instalment: 

U.S.S46.CW0,OOO. 

The Flaeal Aaent 
CREDIT LYONNAIS. LUXEMBOURG 


REGIE NATIONALE tiES 
USINES RENAULT ' 
7.25% 1972/87 
Loan of FF 200,000,000 

We Inform the ’Beadhelders that the 
March IS. 19B2 repayment Inetalment 
of PF104lQ0.Da0 has been made by 
gurebase on the market. 

Amonat eutstandliiB: FF 142.00D.OOO. 

The Principal PavtaB Agent 
-SOClere GENERALS ALSACIENNE 
DB BANQUE SUCCURSALE DE 
LUXEMBOURG 
IS. Avenue Emile Re ute i. 

Liucemboiirg. 


INVITAnCW TO TENDEI^S 

, MNESnCRY OF AGRICULTURE 
JAH^Y — PACHARR. SMALLHOLDER 
RICE PROJECT 


Th6 Gbyemmeiit' of the Republic of G^nbia expects to 
. receive loans asd grants from the African Development Fund 

' ^Al^. itbe Int^aticaul Fund for Agidcultural Development 

• (IPADjv the Gdveminent of the Federal Republic, channelled 
- throng^ Kreditanstalt fflr WIederanfbau (KfW). of Germany 

ud the Government of the Netherlands for the construction 

;. of 1 ^ Jaha^ > Fachaif Smallholder Project 
- '-Tenders axelinvited from qualified Contractors who are legi^ 
tered in fiambia or any of the Member States or Partici' 
■■ Mting States of the ADF, for the con^ctioh of the 
•• The project is situated on the South bask of .the Gambia Wvw 
near. Georgetown. ’ The project works consist of some 20^m 
•• of iixifistion canals, 80 km of drains, 50 km of acces s an d field 
roKls; 25 km of flood protection dikes, the related ^cUir^ 
- ud 560 ha of Iwd levelling. Also, included fn 1 la^e and 
_d gmaiiw pumpii^' Stations with thdr medianical eqmpment, 

• 9 staff houses, office bnilding, workshop, tractor shed, 2 su^, 
etc, prep^tion Of servicing and' maintenance sped^hons 

- frpr fhetaiM piimps and related egu^ment 
■T iwiitor . riwnimATit s ’ Can be Obtained between 21 Feflmary and 

7 AprUlS82 from tim consnltiDg engineers: 

■ . ' BUROCONSULTRY. 

■ 4ii_ esoft AK Arnhm The Netherlands 

TeL 085 - 513181. exL 339, Telex 45097 EURO NL 

. Rank account 59.50.S2.051 ABN. Utr^t. The- Netherlands 
Ref. Gambia na S^.009. 

The cost of tehder doenments is the equivalent of 1,000 Dal^ 

in convertible currency. Tender documents ■vrtll be forwarded 
^ interested contractors after receipt of ^ am^t as a ba^ 
trim^ or bazdtors chequ& Frei^t dbaxges to be. paid by- 
..redpienL . 

• Tenders ate tp-be deUvered tO 'tte Secreta^of tte M^r 
i^der Bok^ oltiieHCboistry of Finance andTrade, m BjanjuL 
l%e Ubiwiiia, not later than noon on 7*^May 1082, 


ISLAMIC REPUBUC OF PAKISTAN 
HYDERABAD WATER SUPPLY AND SEWERAGE 
PROJECT 

PREQUALIFICATION 
OF CIVIL ENGINEERING 
CONTRACTORS 

Th« HjrdarabKl Dtralapmenc AuihorJty invites epplieaiions (mm 
rvcognlMo and axparlanesd civil engineering contnciing companies (or 
prequelmcatlon le bid fbr the consmicUon works auoeiated with the* 
prevlalDn of a water iraBUnent works of 136.000 mi/day (30 million 
gallone ur day) eapeeiiy in the city of Hyderabad, Pekienn. 

The Government of Pskisten has raeelvod a Spaelaj Funds Loan fror 


tha imprDVBmsnt and expansion of the water supply and sewerage sysu 
of the city of Hyderabad, Pakistan, end - only 'companies or eoneoitla ' 
ccmpanlps frem member countries of the Aslan Development Bank ^ 
eligible -fbr pre^uelificetlon. The value of work is currently estimetet*^ 
■qulvalent or USS8.0 million, ' / 

Applieeiions (or pra*qualHicaUon must be made on the prssi^° 
farms wtilto; together toth further lAlormeiion about the works, f <>* 


D. BALFOUR 8 SONS, P.Oi Bey 1033, Lstiftbad, Hyderabad, p.=>s»n. 
upon written request. 

The eloalng 4ate ter receipt of appllcetiens lor pre-queliflea’'^ 
be 15th- April m 

DIRECTOR oNEkAL 
- HYDERABAO DEVELOBMENT 

HYDERABAD, »KI8TAN. 


ART GALLERIES 


theatres 


sia 740. -IOHn 

7 iKGft« CYBOOK, Nod week KING 



Cadbury Typhoo posts 


7i% Lebanese Pounds Bonds due 1985 


Numerical list of the series including the 5,000 
bonds drawn by lot and making up the entire 
LL 5,000,000 nominal amount to be redeemed on 
March 15, 19S2. 

First and last numbers of the seri^ 


8,164 to 18,163 

Each Of these bonds is repayable at LL 1,000 at 
the offices of the following banks: 

Banque Bruxelles Lambert SA., Bruxelles 
Bangue Audi SA.L., Beyrouth 
Kuwait Investment Co. SA.K, Kuwait 
Credit Lyonnais, Paris 
Banque Bruxelles Lambert TSuisse) SA., 
Geneve 

Banque Internationale a Luxembourg, 
Luxembourg. 


NOTICE OF REDEMPTION 

MORTGAGE BANK OF HNLAND OY 

8i% 1971-1986 USS15,00D,000 

HcMerf M the aUavamentlcned loan ara hereby Intermed that 
Instalment of Doit. U.S. 1.500.000.- due 15th February 1982 has baen^rMlly 
cflecKd bv repnrtfaaae in the market cf an asgregate amennt * g?!!- 
U4. 514.000.- and partially by drawing by lot d the renulpn oeu. 
U.S, 9B8.000.- 

The (pMcwIos Benda have been drawn la the prrtenm of a no'v pubfle 
at the elhees of the tnntee: 

7841-7854 7842 7865-7911 7913-79^3 7944-7941 ^^^7942 

8009-6035 8038-8039 8041-8051 8099-8128 8166-8206 

8236-8258 8244-8250 82B7-B306 8312-8341 8351-8368 51?l'9i§B 

8402-8406 8413-8442 8459 8490-5491 8494-6528 5519-8555 

857S-BS30 8S82-858S 8S85-8598 8605-8620 8626-8845 

8684-5714 B717-8732 8737-8742 8744-8752 8768-8791 5^ 

8806<eB07 8618-8841 8882-8883 88C2-SS9Q 8952.902' 9022-9121 

9144 9147-9157 9159-9160 9162.5163 9165-918 I'fB-grej 

9171-9172 9174-9175 9177-9178 9236-9240 9244-92' 1155*5271 

9274-9275 9277-9284 9297 9302 9304 9306-9319 

9326-9326 9336-9447 

Theae Benda will be redeemable 4t par on and after If Febroary 1982 
with all unmaurca enopona anachwt thereto. 

The principal amoent of bends eutstandlra after tbe rOrtlsatlen of 15th 
February 1962 will be Doll. U.s.6.000.a00.. 

Nunibera prevloneiy drawn by lot and not vK prr9|S*..jjf2r ^^ymng 
C7S-676 7SS-73B 603-609 813 631 996-996 1069 

February 10th. 1982. Trustee 


7862 

8038-8039 
8244-6250 
841 3-8442 
8582-8583 
8717-8732 
8618-8841 
9147-9157 
9174-9175 
9277-9284 
9336-9447 


7865-7911 

8041-6051 

8287-6306 

8459 

8SB5-B598 

8737-8742 

8882-6883 

9159-9160 

9177-9178 

9297 


7913-79^3 

8099-8128 

8312-8341 

8400-8491 

8609-8620 

8744-8752 

8882.8890 

9162.5163 

9236-9240 

9302 


Notice to Holders o 

A/SEKSPORTIINANS 

(Forramifigabsnfcannc FlfMiMartogs- ogf?****™®*'^^ 

U.S. $50,000,000 11 i% jotes Due 1 987 

Notice Is HerebyGiven thaipursuanl tP5rasraph3{b}ortheNoies, 
A/S EKSPORTP1NAN8 has purcha^ U.S. S8.00p.000 aggrejaie 
prineipal atnouat of ihe subject Noi' dorieg ibe period begmniog 
ISth Jaauary, 1981 and endlog lellb^nuaiy, 1982 in satUTaction of 
the Purchase Fond ebligatiOB. amount outstanding at 

the end of such period Is U-S. 

Credit Sidsse Fht Boston limited 
Purob^e Agent 

I2(ii February, 1982. 


BANQUE FRANCAISE Pf 
COMMERCE EXTERIEiR 

Intem^onal Bonds ^ 

Due March 15. 198«f 
US520nOQ,OV 

We Inform the Bond8olFs_M,t the 
Mervh 1&..1982 repeym^i^l*^ 
Of U.S.S1,000.000 haa "»de by 
purchase on tbe market 

Tbe WlowihQ. B0(»_p«220"»!y 
alito for redemption '*4’^ noi yet 
been presented for pay|d>t: 

Numbera 477*5^0 
Amonnt eutstandlpg '.8^14,500.000. 

The FrfnFy Pwlno Aoeet 
SOCIET8 GENERL/ ALSACIENNE 
/ DE BANQUE 
15 Avenue Emile 9*1^ 

LnxeeiboarD. - / 


TELEFONAKTIEBOLAGET 
L M ERICSSON 
6i% Loan 1986 


5. G. WARBURG . A CO. LTD., 
announce that the redemptten Inital- 
ncpt of Bonds due IStb March. 1982 
for a nominal value of U.S.S1.2004WO 
hat' been met by puhebaaea In the 
markeL 

U.S.S4,80O4ra0 nominal amount of 
Bends will remain outstanding after 
IStb March. 1982. 

30. Grraham Street, 

London. EC3P ZEB. . . 

12th February, .1982. 


PUBLIC NOTICES 




Mm can get to know the 
market tfaip^ desk researdi 
and advertiang. \^^hning the 
biitiness means getting to know 
your cnstomeis, and tneirnd^. 

If s an the difference between 
being in the market. . .and 
beingseen in themarket-plaee. 

called 

EsiisXimited. 

Mnimayknowmaiet&e 
worlds larger and the most 
experfenced, independent . 
exiubition organises. Mm may 
be unaware of theenormoa^ 
wide nnge qEmaikets our events 
cover. Or how cost-effective 
thekmarket-pfeire coverage 
throughEnn^, the Amuicasy * ' 


Oar knowledge of your 
market pats yon in touch with 
someoftoewodcTs 
best-uttended shows, which your 
pro^iect^ customers zely onto 
make ffiefe baying dedaons. 

'S>iealisethefuUpotentialGf 
nFshowsintheUKand 
overseas, simpily contact . 
JobnL^atay 

Xndostrial ft Ikadel^Lfda 
Saddiffe House, Moduim 
Conrt, SolihnflT ^festT VOdlanfe- 
BS12BG.lUcp]KMie: 
021-7056707. 1UeB337073 


temcBkBlisewbiistaess;. 


The cHfisrence behiif^ 
yDwnKHtetondwhiningttiebii^ness. 

Mm can get to know the USSRandFarEastmazkets. . 


Mr Ahn Perldns. ‘ 
sales dirertor of CADBJR* 
TYPHOO and Mr . Geinrey 
Hancock has joined the coapauy 
as marteting director frnm 
Northern Foods. Mr ?erkins 
joined Cadbvrys as v sales 
manager in 1963. Mr^uico^' 
was managing direct? of the 
Northern • Poods . mbsidlary 
Goldrei Foucard. / 

Hr M. Jaegen^ baa re- 
signed from thr board of 
STANELCO. Hr ^ Pahmer and 
Mr W. Barakat lave ceased to. 
be directors, ^rfollowing have 
been appointed >s directors: Hr 
David R. Slnimglia, Hr Alfred 
0. P. Lenbeit, ir'Haxgalif Kohn,' 
and Hr Mickle V. Gross. Mr 
SinigagUa Ira been appointed 
chairman. ' 

★ 

'Mr. Alfii G. Htodin has 
been apppnted a non-esecutive 
dtrector* r HILLARDS. He was 
formerly^ director of Industrial 
and Coimerclal Finance Cor-, 
poratior . _^ * 

Hr 3. J. Harris has been 
appolxed to the board of Brush 
Electical Machines, Lougb-' 
bOTDgh. Mr G. KUne be- 
conis director and secretary of 
Wotcode Inc., Pennsylvania, Hr 
j.B. Halloch joins the board 
(^'Crompton Lighting, Guiseley. 
^ C H. Ryland has been made 
ssistant managing director of 
&wker Pacific Pty., Sydney. All 
are HAWKER SIDDELEY 
GROUP companies. 

★ 

Ur Peter J. A, Rohinson has 
been appointed general manager 
of the newly-created export and 
contracts group of tbe CO- 
O PERAT IVE WHOLESALE 
SOCIETY. He was previously 
manager of the export depart- 
ment, which is being combined 
with the contracts department in 
view of the forthcoming retire- 
ment of contracts manager Mr 
Gilbert Lee. 

★ 

BRITISH RAIL’S new divi- 
sional manager in Leeds is to 
be Mr Fan! Watkinson. He suc- 
ceeds Mr John Batley who is 
moving to the Britirii Railways 
Board secretariat, London. 

* 

ARTHUR BELL AND SONS 
has appointed Hr Ronald E. 
Weeks as marketing director 
from May 10. Mr Weeks is 
currently managing director of 
Grants Wine and Spirit Mer- 
chants and was previously 
marketing director of Grants of 
St James’s. He will be leaving 
Grants Wine and Spirit Mer- 
chants at the end of April, 

★ 

Hr Jim Carr has been 
appointed treasurer of Bui^ 
roughs Europe/Africa, a division 
of the BURROUGHS CORPORA- 
TION. He was previously with 


CONTRACTS 


the compaby's UK subsidiary. 
Burroughs Machines. 

Hr Norman Snow has been 
appointed to the hoard. '.of 
GRi'TTALL WINDOWS. 

*• 

At CURRYS GROUP Hr Roger 
Dickinson, a director of tiie 
group, is now responstbio for 
retail operations.. He was, until 
recently, managing director of 
CCS IMastercare), Curry's 
electrical trade service sifb- 
sidiary, and he has been a 
member of the main board since 
19^. From 1979 he wag also 
resnonsible for group transport 

Mr Dickinson . succeeds Hr 
Bert Creevy who, although retir- 
ing fronr executive duties, 
remains a board director and 
ehaitman of Curry's subsidiaries, 
T. Bridger and Son (tbe group’s 
discount warehouse 'company) 
and R; W. Proffitt. 



Mr Roger Dickinson 

Mr J. Lfgge and Ur Robert 
P. Barker have been appointed 
to the main board of WILLIAM 
SIND.ALL. 

* 

Following the resignation of 
Colonel J. M. Bopkinson (chaiz^ 
man), and Ur P. F. Jackson 
(managing director), AUTO- 
HL\TE BUSINESS U.ACH1NES 
has appointed Mr. Robert H. 
Unton as chairman* and manag- 
ing director. He is Joined on 
the board by Hr G. G. D. Cooper, 
sales director, and Hr G. J. 
^wden, financial director. Mrs 
V. F. Linton has also joined the 
board. 

* 

KEEN COMPUTERS ■ has 
appointed Mr John Clarke as 
sales director. Mr Clarke recently 
left the Japanese computer and 
communications company NEC, 
where he was responsible for 
the EDP division throughout 
Europe. 


McMichael wms £2.7ni 


HcMlCHAEL has won a £2.7m 
slice of a £77m order to GEC 
Power Engineering for the 
2000 Mw cross-channel power 
link between Bonniagoes-le- 
Calais in France and Sellindge 
in Kent McUJchael will pro- 
vide a specialised thyristor gate 
control link which receives an 
opto-eoupled signai from the 
central processing undt and 
ensures correct firing of the. 
tbyristor. In addition the com-* 
pany will provide power supply 
units, driven from the valve 
module, and intercnanecOng 
cable pre-forms. 

★ 

PAKSEAL INDUSTRIES has 
received an order worth more 
than £500,000 from Express’ 
Newspapers for *28 Hall Monitor 
counter stacker machines. The 
machine is designed to discharge 
on completion of the stack count 
irrespective of the batdi count 
setting. Autmnatic cennpensation 
is provide for count setting 
error Shoald the batdi counter 
or stack counter be set for less 
than the Dumber of newspapers 
produced In one second, tbe 
count will automatically double 
azKi complete the stack before 
dtecharge. 

*■* 

WENTGATE ENGINEERS has 
received orders for equipment 
worth around £350,000. About 
£170,(K)0 worth of the orders are 
for electron beam welders which 
will go to export markets. The 
remainder are orders from lead- 
ing BritiA aerospace companies 
for large vacuum furnaces from 
Wentgate’s new PQ (pressure 
quench) range. 

* 

An order for two HcHlCHAEL 
, TV standards converters has 
been received from . Fiber Elec- 
tronica for eventual supply to 
TV Espania for coverage of the 
World Cup in June and July. 
The order, valued at £300,000, 
is for two of Uififfichael’s ACE 
digital standards converters and 
includes advanced comb line 


decorders, which the company 
claims will ensure exceptional 
picture quality for all the 77 
countries worldwide receiving 
television coverage direct from 
Spain. 

♦ 

BIYSON F.ANS, Colchester, has 
an order for £2%, 000 worth of 
large axial flow fans for the 
Middle EasL The fans, which 
are for the radiator cooling 
diesel engines, are coupled to 
1 and 2 MW alternators. 

★ 

A contract worth £120,000 a 
year to supply parts for Black 
and Deriter’s new product range 
has been won by a member of 
. the H. A. Uig^ Group. 

GEC-GENERAL SIGNAL has a 
contract from Briti^ Rail 
Eastern Region for part of the 
East Anglian slgnaUing 
modernisation coveriog 37 route 
miles comprisfug Stage n of the 
projecL Ihe contract, valued ax 
£2 jm, is for the supply and 
installation of colour li^t signal- 
lig equipment. The area covered 
comprises the line from Cel- 
chester northwards through 
Ipswich to Sprougfaton and the 
line from Ipswich to Westerfield 
Junction.' 

★ 

PLE.SSEV RADIO SYSTEMS. 
West Leigh, has secured a £lm 
contract to supply PRD llQo 
radio relay equlpmeitt for 
Danish gas platforms in the 
North Sea. Tbe company will be 
the prineipal sulKrontraetor to 
Danish Process Control in what 
Is believed to be the largest o£T- 
^ore turn-key communciatioiis 
project ever undertaken. A novel 
feature of the contract is /the 
configuration of the radio relay 
system which not only provides 
’* hot " standby duplicated links 
on each eircirit path but 
guarantees a minimum of two 
alternative traffic routes between 
any of the seven main platfonns 
in the Danish sector of the 
North Sea and the primary link 
to the Danish mainland. 


PERSONAL 




Ir' 11 help i.>; 

■ ■ ' ' 


hL'lpliiiimml:}ih 


A(baatkm, acovenant a I^(;y tD 

THE ARIIO^ BENEV^ 

TOUheipSCidieiS.eX'^SOkii^ t1v*ir fanrini>.q inrifcfTip« 

MMMMlSFCfT33US£UF»JRSSHaLQND0NSS34SPiMteHiM 














'^16 '■ . - " .. 

. . ..... '.J..- 

■ Financial Times F^day. F^n^ . 12 ; ; 

THE management PAGE 



■ edited BY CHRiSlOPHra 


The ingredient in a winning strategy 

Northern t^oods\ growth has been constant, but not always smooth. Ian Rc^er reports ; 



, k. 






IT IS a remartcable company 
Chat can admit to having made 
a Dumber of mistakes in its 
efforts to diversify, yet can also 
^ow a ' record of oontimious 
rapid ‘growth in tite past eight 
years. 

Northern Foods is such a 
company. Northern has tried 
everything. Flush with cash 
from Northern Dairies, the 
princi^l group company, it has 
(Uversified into consumer ftn- 
ance, brewing and retaihng. 
mostly wiRi poor results. Hbren 
smne of its food company pur* 
chases have been difBcult to 
put righL. 

. But that has not stopped 
Nordiem's directors from, look-' 
ing for more acquisitions. Last 
month, they made their second 
biggest buy ever, paying g69.lTP 
(£36.9m) for Keystone Foods, a 
U.S. supplier of meat patties 
for McDonald's fast food 
restaurants. 

And the Hull-based group's 
chequered .acquisition record 
has not stopped profits before 
tas from soaring ^om £4.Tm in 
the year to September, 1974. to 
£33m last year, and analy^ are 
lodciog for another hug jump 
this year to about £43tn. Re- 
turn on capital has been con- 
sistently over 20 per cent and 
often over 30 per cent in this 
period. 

Not surprtstngly. the Stock 
Market gives Northern a sub- 
stantia] premium rating over 
the average for the food manu- 
facturing sector. The FT- 
.'^ciuaries food manufacturing 
group has an average histnric 
price/eamings ratio of 8, but 
Northern's is 11. 

How does Northern do it? 
Nick Horsley, the chairman. 
CND button pinned defiantly 
to the lapel of his shabby 
jacket, .shuffles uncomfortably 
for some. time, then suggests iu 
his soft Yorkshire lilt: “ 1 
don’t know, really." 

Northern uuderstatement 
apart. Horsley and his fellow 
executive directors see nothing 
exceptional about the way the 
group is nin. 

They stick rigorously to basic 
day-to^ay controls and let the 


Management 

abstracts 

Balancing work and family life. 
B. S. Greiff + others in Out- 
look (US.\1. Jun 81. 

Considers diSicuHles faced try 
executives in making “trade- 
offs " to reconcile career aspira- 
tions with family life; In the. 
same contexkt takes a look, at 
impUcaiioDS for dual-career 
parents; suggests ways to mini- 
mise upheavals in family life 
caused by relocation and fre- 
quent travel. related article 
presents the views of accoun- 


>^RE »»ORTHBM*S 

bu^ess comes from 

\ Year to 

\ Septembw 30 , 1981 

\ Trading' 

By octndfy \ Turnover profit 

V £D00 €000 

Milk and datiyi. 

products \ 144002 1M91 
Meat products \3S9^ 72,865 
Hilling and \ 


baking 

¥,997 

6J41 

Brewing 

Vl68 

2,465 

Other 

t[l96 

730 



41,293 

By country 

J 


UK 

4553^ 

34.187 

U.S. 

,287,93^ 

7,106 


743.299 

\lp293 


■ 



AUSTERITY is a lifestyle at 
Northern Foodfr—tbe small 
head office staff of 12 b 
squeezed into a nondmerlpt 
building in the centre of HulL 
The diaizmiiD’s office is a drab 
12 ft squre room with a plain 
round table in the middle; 
the finance director would be 
hard pressed to fit three 
anditors into his room at the 
same time. 

Austerity also Aows up In 
the gnrap^ mainagemeiR 
.systmns. 

The directors* principle 
operating tool is a single 
'sheet of paper that airlvtt 
once a week. It is a compila- 
tion of profit estimates for ail 
the operating companies in 
the group. Ibe e^imates.are 
present.ed in comparison with 
the budgeted performance 
and the actual result in tiie ' 


executives of their operaing 
companies get on with runn\o 
tbeir businesses, \ 

And from their unhappy e\ 
penences with diversifi^tioa 
Horsley and his colleagues havA 
learned not lo stray much from^ 
the highly specialised field in 
which they have proven skills 
— that is. the development, 
manufacture and distribution 
of short'Ii/e food products for 
a small number of major 
CDsiomers, mainly Marks and 
^>eDcer and J. Sainsbury, but 
now McDonald’s too. 

The key to the fresh food 
business is strict quality con- 
trol in manufacturing, plus dis- 
tribution. And no one knows 
how to do this better than a 
dairy that can put fresh milk 
on 2m doorsteps every morning. 

“ I was surprised to find that 
our production standards are 
much higher than those in the 
XT.S.,*’ Chri.s Haskins, the 
deputy chairman, says. 

Northern has learned to ex- 
ploit its skills in ffosh food at 
a Time when this has become 
Uie fastest growing segment of 
the industry. ,4.1so. in an un- 
unexpected reversal, consumers 


tants on how they balance the 
demands of their pm'sonal and 
professional lives. 

MaltinaUOnal practices in less- 
developed countries. .A. S. 
Ashour in Management Inter- 
national Review fFed. Rep. 
of Germany), No 3/Bl.-. 
Examines practices of multi-- 
nationals (In such broad areas 
as finance, raarkesang. and man- 
power) aimed serving their 
own ends and adversely affepi- 
ijig the less^evejli^ed (usiurljy 
third-world) countries In which' 
they operate: discusses how 
these may trigger host-country 
regulations. 

Management of foreign ex- 


have increasingly become will- 
ing ro pay a premium for pri- 
vate brands 01 fresb food, the 
particular market on which 
Northern concentrates. 

“We laiow. and consumers 
^ow, that a retailer is totally 
committed to bis own brand.” 
rorsley says. “ 'When you are 
A the brand business, you are 
^the mercy of the retailer." 

Vorrhern does have its own 
hrhds. such as Fox’s Biscuits. 

Cakes and Pork Farms, 
butbn none of them does it 
havunn important national mar^ 
kef 

By Vonirast. its sdes to 
MarksVnd Spencer last year 
grew IWr cent in value HO 
per cenVjn volume) to about 
10 per tent of Northern’s 
UK mrncfcr. Sales to Sainsbury 
are .snialik hut growing more 
quickly. because of that 
group's ne^tore openings in 
the north o^ngland. 

DependenAon a few major 
customers' priyte brands means 
that Northern Vies not have to 
spend much m^y on advertis- 
ing. However.u does ^>end 
heavily on produ^evelopmenL 

" Marks and S^cer has 850 


change risk. L 1 Jecque in 
Journal of ln>tern{rinDal Busi- 
ness Studies (USA Spring/ 

. Summer 81. \ 

Revie«vs the ti-ter^l^ on 
foreign exchange risk tnage- 
ment. iocludiDg stu<^ on 
exchange rate forecasiitk 
measuremeTfl; of risk expV|>e; 
notes developments in hanbng 
transaottoa and transl^m 
exposure. \ 

.Nevf product planning. J. ^ 

' '.ditch in Long Range PlA 
aiDg'(UR). Oct 81' \ 

Argues that innovative skill^ 
are dissipated because much 
R £ D is directed at what tech- 
nologists think the market 


same weds of the previous 
year. 

"This is our fire-fitting 
report” says Jack Qayton, 
the fimuMe director. "If some- 
thing hHfits awry, we can try 
and deal witii it' immediately. 
Of comse,' there are also a lot 
of people ringing in and vistt- 
Ing every day as welL” ' 

The firo-flgfating report goes 
badt te the time when. 
Northem was just a dairy and 
it was fairly easy to bold up 
profit esttaiates based on the 
ronxtdsmen’s wedkly re^ 

eetpts. 

Now, it is more diffienJt for 
some of the companies to pre- 
pare liittt (he group finds timt 
are over 98 per cent 

aeenrate. 

The other major director^ 
report is a monthly summary 
of the same figures pins fore? 


products in its food section,* 
Baskins says: “But it eliminates 
100 and adds 100 every year. 
It is a fashion business, to some 
extent” 

Northem estimates it “bears 
about 90 per cent of the costs of 
developiz^ any private brand 
product. “We like the basic 
business.” says Horsley. "This 
development stuff is expensive, 
and only occasionally do you get 
a winner.” 

Northern’s first big score was 
t!he M & S trifle which has now 
survived for more than 10 years. 

Now tiiat Northern, has 
become a fairly large company — 
sales topped £700m last year — 
questions are being asked by 
observers about the sise and 
depth of its management team. 

"We had a bigger board 12 
years ago.” says Horsley, “but 
we wanted to be able to move 
quickly.” He admits that 
Northem lacks- management 
depth at the top level bat doubts 
that it could attract people to 
create it 

"We are -not brilliant with 
people in their 30s because we- 
really don't have anything to 
offer' them.” Jack Clayton, the 


wants rather than at what the 
market actually requires; 
quotes anonymous examples to 
show why " consumer pull ” 
must precede " technology 
push,” and reports how Thomas 
Salter, the Scottish toy manu- 
facturer, handles innovation. 

These abstracts are con- 
densed from the abstrariing 
journals published by Anbar 
Blanagement - FnbUcations. 
Ucensed copies Of the 
ori^nal articles be 

obtained at £2.50 each (fn- 
^ eluding “VAT and p and p; 
\eash with order) from Anbar, 
^ Box 23. Wembley, HA9 


casts for the half year and 
full year. "Tm most in- 
terested in &e last Jtems for 
cash flow and finandal plan- 
ning,” QaytOD says 
"At fi^ people re- 
Inetant to put thems^tt on 
the fine, but 1 teB ttamn tbnt 
we are not trying to comer 
them. We are just tzyftig to 
get their fed of the maik^ 
"In £a^ we cspect tfa^ 
forecasts to dtange each 
month. It would be ainaring 
if they did^** . 

Initially, tiie directors kept 
tii^ reports to themselves, 
bnt now the managing direc- 
tors of all the operat^ com- 
panies are idven copies as 
weiL 

' " It provides a sort of 
group league table,” Clayton 
say& ^ Eacb managing direc- 
tor can see how he is ibring 
compared with the others.” 


finance director says. "The 
three of us expect to be here 
for quite a while yet 

“ But we have taken on about 
30 graduates in their 2te and 
they are people *we think we 
can he^.” 

The main challenge for 
Northern, today as in the past, 
is finding winning acquisitions. 
Although - they have im 
corporate plan ■ as ■ suehr the 
directors have a fairiy clear 
idea of what they want and 
what they want to avoid. 

After ' their unsuccessful- bid 
In 1978 for brewer. James 
^pstone and Sous — and how 
relieved they are now not to 
have an important posMon in 
that industry — the directors 
decided to restrict themselves 
to looking for food companies. 

The biq)Drtant £22 .Sm 

acqui^tion o( Pork Farms, 
which introduced them to 
Saini^Ty.- followed shortly 
after that and then came the 
purtdiase of the bakery products 
group Goidrei Foucard for 
£2.4501. 

By then, however, the 
directors were more and more 
convinced that further major 


expansion by acquisition c»uld 
only take place outside Britain 
and, in paiticolar, in the U.S. 

They have looked at other 
big food businesses in the UK, 
notably Huntley and • Palmer 
recently, but have decided they 
could not .get the quality of 
earnings from them that th^- 
get from their own operations. 

Northern is also very 
squeamish about redundancies 
and shies away &om any pur- 
chase that might oblige it -to 
carry out substantial surgeiy. 

Nevertheless, the group stm 
looks for small, specialited ITK 
companies. Last year, for 
example, it built up its stake 
in Cardiff-based food processor, 
.Avana. to 20.5 per cent 
' The Avasa board wants to 
remain independent ' an.d 
Noribein seems content to take 
a long term view. 

Noilhern’s first U.S. acquisi- 
tion, a pigmeat processor in 
Philadelphia call^ Bluebird, 
which was bought ia. eariy 1980 
for S72m (£32.7m). certainly 
qualified as a food company but 
turned out nevertheless to be 
difficult to handle.' 

Last year. U.S. -pigs were in 
short supply, eausisg prices to 
rise and in turn ' makihg pork ' 
and ham uncpmjmtitive 'witii 
(Hher meats.. Profits tumbled. 

Northern was surprised at 
how volatile Otis business 
couldi be and until prices 
started to turn up late last 
year, the daremoxs were rather 
^oomy about IL 
' "It's. like being on a roller 
coastK.” -says Haskins. , . 

The recent Keystone acquis- 
tion in the .U.S. is probaUy the 
sort of company, that the group 
will be looking -for most in the 
future. .AUhough a meat .con> 
pany, Key^ohe’s sales to a' 
m^or cushuner, McDonald’s.- 
are virtually- assizred and.' tied 
to a cMt-plas formula. • 

N<nrtii^ mainly .for 

earnings growtii potential in its 
acquisitions and in return m 
prepared . to supp^ existing 
managemrat and inject - large 
amounts of capital and .expert 










NickHordcytin-tbe'li^eiuiblehmRCSo^^^ ' 

• • •• Ibod'pisdBiqta-^'-;- ; 


tise. Its UK 'capl^ spending: ;gral 9 ^a. fs 
hud^ this y^ Is £35& - 


The talceoyer-that sem“Best-. be 

to- typ^ the ri^any's styie . . ol. . ;r •. 

was that of Paifc'Cakes, i^de' In . . X978, Nortbiers . sold 
in 1972 for £5.7m. ' Altbou;^ !a Briti^ Credit . tbe~ ;ooa- 
food company, PaA; specialiGed . -sumer.'.'finahjQe; -ahadiafy tiiat 
te therjK^action of-di 7 eakes, ^dRigglBd ' profits 

an acea.'ihat ''.NbrtberD, ' timn.- riseo^^ 

still mainly a dairy 
kn^. nofftiug! aSbddt ' ' : - 

•Almost- iimnfidmtely, 
ffirectotg: : realised- . fliey . had:/ «S“ 
made a mistake; tiw' market ^ 

dry cal^ -was in graded .and: *** 

aw^rentiyTpermaz^ 

•Rathqr: -thto-. Irt ft , 

deveZopeff:.a -linie' jpf foesS -immun •. o v-;‘ , - 

cak^ Mves^:'B3.5n:t..Invn^.'.;. | 

nuriiineTy':'and ar^ugi^ te js^ L"Xbk .U -i>Qr'fo^ 
inoBt ba1pat :,'6D''wudm^8kjq{,.."''^iO''fB^ 

end . Spencer. - Last . rate here v J&iS eesti Iq 

ccmtiihute^' about .£im'-;_iD W so^ tim.l$?Swe^ 
Northern’s' protaix -pr<ffit$3’^ - r • be V^txt:.'dowh-. ;ahA 11 
Ctee natmnl cocblUiT e£ :be 49.5 per: omft.” , [ 


More compam^ mcrant flie 







SRii '• 




Invested in eoiy buildings without 
dectric heat pumps recent^? 


lb piff TDir monevmto btiSdiog 
pFogects\nihouttakingintoacc^^ . 
todays volatile energy scene to 
court financial (Ssastec 

%a should o»isider pEotectaig 
TOOT mvestmeDt in biids and 
tarbyinst^Engandectocheat 
punzp.Becau% it ivisjcB OB eiec^ 


melt,' there are noneof the usual 
vranksaboutfiztmeeDeigysEqi^e^ 
itis a^extz^nelyeomoimcaL 
This is becau^'idieiiusedfiaa: 
heating, anelec^h^puixp 
^yalfy pmhires around fago-flffli* 
a-half times asnnxheoeigFasjt 


It does fhbl^ recover 
- ing heat from inffide and outside the 
hulHhigthflt^ m normal dreunstan’ 
ceSfVnfiildbelost. 

So to avoid eneSng 19 

very latge; very -wfaite 9iadn9edal 
pacfaydecixffi 0ByoQT(h}QC5ti^ 

eslheirseBdofflte€oi9(xi, orcest* 
tact Bernard at the Heat 

f^iD 9 aid Air CoQffihomng Bureau 
mi Fxee&me 22$2. 

' Hecanthffiigiveyoumcce 
infianomtiiu and €39^ fidvice on 
vihat could weA tnm out to be the 
yon have ever 

made: dectdci^atpcm^s. 


P“" 

I IwouIdbemtaestedmaD?&cts 

I aodfigiues^imcangiveaieabout 

I dectricheotpunms. 

Send tm *1116 Hc^Pump and Air 
I CmidtxniiigBainaDfSOfijSDBxfiv 
I LontosmP4fi0. 


■2EMA/4 


EXECUTIVES, it seems, have 
never before had a better oppor- 
tunity of boosting their pay 
packets. In ^ite of the reces- 
5 ioii — or perhaps b^z 2 se of Jt 
— an increasmg number are 
j being offered ' bonus payments 
to achieve better re^ts. 

Although accurate statistics 
are difficult to come by. more. 
! and more salary surveys ■ are 
featuring bonus payments as a 
growing constituent in the re- 
muneration package of the 
countiys seiuor businessmen. 
In the past six months alone, 
surveys by Spencer Stuart, PA 
and Charteihouse have all re- 
ported iscreasisg Interest in 
this subject 

The latest management con- 
sultancy to confirm this trend 
is Binder Hamlyn Fry and Co, 
which reports in its latest pub- 
lication* on rewarding execu- 
tives that as many as 50 per 
cent of all UK public companies 
may be considering making 
bonus payments to tbeir execu- 
tives in 1982. 

If so, tins estimate is between 
10 and 15 per cent more than 
the figure fw the previous year, 
the company says. It notes that 
there is no eridence of com- 


Prizes for 
theses 


A NEW competition for the 
best three university theses on 
multinatiouals has been an- 
nounced by the Institute for 
Research and Information on 
Multinationals, a Paris-based 
orgamsatiOD largely financed 
by the Swiss-based Nestle 
group. 

The organisers say “tii'at 
entries should examine tiie 
internal woridngs of multi- 
nationals, or alternatively their 
relationships with society. The 
stndies should exclude those 
Mrom universities in the U.S. 
hnless the research deals with 
nainty European opn^tions. 

IThe competition is open to 
mividuals who have, or will 
i^. fulfilled a doctorate or 
etfvaient degree between 
1978 and February 1982. 
ThVlosing date for applied 
tioflls March' 31. 

Fin prize will be the cur- 
rencyViuivalent of FFr 20,000 
(arouii £2,000). second prize 
FFr npOO and third prize 
FFr IlMO. The competition 
vflU h^'udged by leading 
acadeinic|if European and U& 
universitiV 

* Details Vm IRM, 29 Boule- 
tvrd Bo7t^-J/S004 Pstis. 


OverduRteounts? 
Wewill.iopthem 
tiecoming ad debts 


pames abandoniag existing 
schemes' altitou^ many -copt 
pdsrations are known to be 
nndertalcing reviews, of eqer^t 
arrangements. 

Binder BamlyB brieves that 
ibe trading' conditions- of- the- 
1980s are outside the experience 
rf a majority of executives— 
mo.st of whom "have matured 
and been trained in an environ- 
meat wiudi assumed continuing 
growth as part of a natural 
economic order.” 

‘In the new ' environzDeDt all 
the assumptions about rnotiva- 
tiCD have to be questioned ft 
companies are ginng to survive 
and prosper,' it adds. KzKier 
Han^n en^basis^ thar if -a 
bonus plan is con^ered appro- 
priate, rewards should .. be- 
related to results; not effort. 

Binder Hamlyn adaftts .lhat 
there are " tenable and in numy 
cases justifiable ” argun^ts 
against the introduction of 
bonus sdhemes — opponents wiU 


Irinas' piah i arise 
.ki -^-eKdcl)^ x^ieratui: 

gfv^ - u : , irisfoktemice pkttileax at ■■'a r Inrintess^o 

• ;:mEan^^ poo 

' JSrowewar, :dfedrioh.-: ffiefo j£;nationa 

about wlietber bo^ paSSrient^. . salarj 

are desiraWe- oc^‘-«)protirialB;^ V ! 

depeais^ broadly: -<«t- :desi^ lfe tg . ; 

meat- slyie, on ' the''.tradins ifitrhdtkSe a plan, whihh 

^jpar aWtig - ffr - . evidence, of _rewards when 5*^,. 
cumstances,' there many' oomsSaiy]^ • •• , j 

arguments intevo^ a ' 

c^ v-. .: . 

~A'nk»]&; to .: f 

Bihcter Hamlyn^s 

taut extra remuneiatianiSsiDfilyf Amoing Ih^: am .ttie . wc- 

whCT-it. cis 'te -'affdirde'd'' .c^sm- mqasuxi^-targevs^t^^ • . 
and -does.. Bot'increase on-going .jtroquenqy. and:, tiie. fioent;dfre- 
‘.costs .sueb-Tasipenrioh-^: ..-A . 

reernitm^- ini retentiob' «rate,. -and 

iesult»orietatet^::ekeiet^ Is' ?wareTOts. 

..easier, wfailea -hbntiS.pUui could: ^Exeeitf^' Giude: 'Retoard- 

help partici:^itis. Vto - .ident^ . iiip^/BxeevtioinV'BesuZ^ 'soofl- 
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T(iO Manchntir Guirdijn ■ -rcr/,.- 
d?;?! MoilvY-Strtet. ■-'ancht-rtni 'Bn yoA. 
- Tcicpnone' iJoT-iJC 26. 


fibmersm 

Find out insfw tdxiut the 
oompanies who have soecewfiiUy 
r e locat e d here in Mid Glamorgaiv 
the cash grants cheap leans and 
othw* kteendves avritaUe. rices 
from itoiOO acres and a dvan c e 
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BFWBfREE Sites Guide, 


n-/2Qiaz 1 





17 



r Feitruaiy. W 1982 



Cliiema 




Tti":-;- 



dragons 


by WILLIAM RODGERS. MP 


?“^y inuiSi better chance to survive. 
I must declare an interest be* 


-.make the Tto^nC^' 

JPbeLan^-OdewtJ^^ the visit of ChS m 










Screen oa' the Creen 

.r.i - . C^^.ISerbte^Ardi, 
• ..-JlUuiBfie 
\ABSgit9r.'XAA^t‘ '-.■ 

\ <]Sas5lcs Ostf^ Sti^ and 
■ ■SasjmxAj^ 

■ •’: \s- •’•■■-Ti^-Rilbaiin'Road 

\Oh‘tlie7aifl'/V- 

lb 

:- V^ ji-.-ireek'i^^ more by 

rqjtaBt^-'tbaa: who rt- 


President of the British Film 
iistitttte, to No U Downing 
Street ten days ^o. The pur- 
pose was a good one, to add a 
discreet .word of support to an 
appeal to fund The Museum of 
tiie Moving Image on the South 
Bank. 

. But what about tbe ouzrent 


cause a beneficiary would be my 
own local dnema in North Lon* 
don whose 


before being dynamited to deatii 
by the hero. Da^d Madison 
(Bobert Forster) is the cop and 
Marisa (Robin Riker) the girl. 


the diary of a mutual friend who 
had been involved with him ten 
years before. She visits him m 

his new]y*renOvated house la 

staler (^ema _ta one of Sydneys trendy suburbs, stili into reptiles as her pz^et 
tit^ng one of this week s abstract and neorealistic prints sional career. “ You have a 

V/mter of our Dreams is the 
offering in toe current 


lat^ offering in the 
wave of successful Aims from 
Australia. It turns out to be a 
remarkable vehicle for the 


on toe iralls and a liberal, 
open-plan marriage to exhibit. 
But there is so going-back to 
heady days. He has become a 
tepid man, all passion spent 
There is not much to the dla- 


doctor’s degree and wonderful 
tits; be says in appreciation 
when toe Joins him in - toe 
chase, altlKittgh there is little 
evidence in the film of either. 
Never meant to be credible and 


particularly bard-hit by toe re- 
-.V nembeto-ltie'iiiu^^ ^cession and. facing sharp com- 


.pi^it m the 9in^e<cre(to, .60- talented Judy Davis, previously logue and the film exhibits a aot partieularly frightening, toe 
called ^Commercial-Art houses,” ' — *' - • ^ ^ «. , 





’ iGriffin ' Eady, 
> RBE? Twenty 

-y^l8;:4i^'-%e ' lies' forgotten 
• wherever; distin* 
; .gUnod'didil-servante find totir 

jd|^>MpR^ • 

’ pirliilr^in Itrrfih .and. Budapest. 

But -in ihe film 
y'.faie lives on, tbe autoor 
Tj^, toe scheme 
more . than 30 years 
_ help sustain British film 
' prpd^rs'ttnwgb:the proceeds 
ef.toe box-ofike. 

- i <fOn*t intend to lead the 
.'.j^^r-.into.tbe labyrinth of film 
' .^finance, soeiwa wito the corpses 


petition irom cable, video and 
the 4th Channel? - As .toe- Qtan- 
ceMor puts the finishing touches 
to hia Budget, he toould ^pare 
a tbou^ for them. If he cant 
remove VAT on all places of 
entertainment->-end it is a hard 
year for eoncessions-Uvhat 
about a relaxation of toe Eady 
Levy for those it hurts the 
most? 

Thb quality cinemas are an 
uxtoOrtant p^ of the cultural 
life ofBritauiaiidlbey axe turn- 
ing toemselves...mto cinema 
clubs as the only means of stay- 
ing open. Relieved of a 7 per 
cent levy on their takings — 
which is Sir Wilfrid’s legacy to 
OUT times — they would have a 


best-known for h^'periomi* fiatne^ and occasional 

ance in “My Brilliant Career." tedium The performance of 
As toe junkie prostitute Lou, Judy Davis is the thing to' see. 
she dominates the film. Her ^hta is also reptile week with 
collar bones, shoulders and thin £«^o»»h«/eT from Walt Disney 
figure, her gait, her anini-sld^ Productions and Alligator from 
and one pair of shoes all estab- Alpha Films. Despite its origins 
lish hunger and isolation. But toe Sorcerer’s Apprentice 
transformed in toe better soQuence of “Fantasia" (still 
moments of her relationship to_ my mind the best of tito 
with Rob (Bryan Brown), her Disney films) and guest appear- . , . _ 

resignation gives way to reveal Sir Ralph Richard- expectations altoough tiieir erst- 

an attractive woman ot ietelli- ^un, Dragonalager doesn't quite while fans will no doubt pursue 

come off. 


evil nvisectiontat, Mr Slade 
(Dean Jagger) and the corrupt 
Mayor (Jack Carter) are the 
proper victims of the real star 
of toe show. 

First repoirtB do not suggest 
that the two tolashy films of 
tbe week ChnuTiet SoUtaire (AA, 
ABC Shaftesbury Avenue) and 
Death Wish II (R, Iieicester 
Square Theetre) live up to 


gence and curiosity. 

!to the 1960s, Rob had been a 
radical student le^er, strong 
on corruption in Saigon and a 
hero to the girls. A far cry 
from toe middle-class owner of 
a booktoop who offers a glass 
of claret (believe it or not) to 
his lonely visitor. Lou becomes 
attached to Rob through reading 


Busb 


The Number of the Beast 

by MICHAEL GOVENEY 


■; . ) 
* V t 

-- -vl 



. Tbe lettess of-New*s name 
■flstd-.tfae tide of Gaesu, ^eu 
their , .nufDe!rrc8l meaning in 
r He&rew,- added ^ to toe number 
voC toe Ijeast in. toe book of 
.Revdattoni 666 . ^his did- 
. Aleister Growl^i “toe widiedest 
.man In toe world," ^le him- 
. self^ tobm an eatiy age. Poet^ 
eharietan^ mmutBineer, bedo- 
suceessAii bover, and tieroin 
-ad(^: (2rc^^ lives aB tiie^ 
roles -in ius attempt to expand 
'■ Ute jnmeiaai cousdousness and 
Snoo Wilson in Ms inter^tlng' 
. atq^acbes Ms sitojeet 
wlto toe true seraoumiess of 
tbe fascinated satarisL 
Itie piece Wes origirtally pre- 
sented. by tod RSC kr 1^4, but 
this, new ..versioa is not oMy a 
vast improvement: it finally 
e^ews ineomprehe ns toility and 
offers a d&cttrsive lotoc at tbe 
nature of toe early Stlto oen- 
tuiy endeavour^ more tespect- 
' ably represented in toe work of 
Yeats. Lawrence and -Freud. 

Wileoa has i^ersed Ms two 
acts. We now begin- ■ oh the 
SiciUan faxmhouse is 'Cefalu. 
. vtoere> Crawley prasiSed . oyer ' 
toe mbtley^eoininunhrso rdizodly 
abused - toe Beavezbrook 
Press. . Ifikc some 1920's 
Manson iamUy, the commune. 

: indulged 'hi sex ' magic and 
dro^ V The actiul writing bow- 
■ .--i evisr is almost conventiana] in' 
st^e:' Crowley’s, dymg baby 
. .. *5- ^ mn^^ Saved by an act^pf pro- 
. \ . crea^a.' And. in a wonidexfully 

' :-r ■ inrrattae eoniic toudi,~the agent 

is a. sailor wbo h^ 

. '.1 - ship at Venice and arrived with 

. r' jokyy hopes of an orgy. The 

' ' ' habttuds also' include Crowley’s 

' ■ '. Scailet Woman, Laria, an 

' . V . elderly ftooale tourist, an io- 
. .geimous yoi^ man who drops 
■ his trousers at anyeme's sa3r-so, 

- . . ■'! * . and a onoey^ sycophant. 

The b^by dies. Crowley and • 
..,‘J V'cozDpahy:' are booted . out of 
'-Sicily- Mussolini and the 
second .act, in a Boulogne ho^ 
focuses on. a dramati^ philo- 
sophical discussion of Crowley's 
claims for himself. Ilie 
maltzetoe, it transpires, could 
h^. been Jack the. Ripper. 
Tbere'ia^ shafts of delightfiid 
fantasy, such as the recreation 
for.toe.benefit of an incredulous • 


■•-11 



The splendid 4Dfoot' dragon, 
built by toe speeral effects 
department at Burbank and 
crated across toe Atlantic to 
nuewood Studios, roams 
through the Dark J^os before 
its inevitable demise. “Hie only 
way to make a eoovincing £an- 
tasy,** say the writers of the 
screeoplay “is to achieve the 
illusion of reality." In fact they 
produce confusion as a myth 
uneasily genuflects towards the 
ethos of our times. 

By contrast Alligator is pre- 
dictable from the first five 
minutes when a young girl's 
baby-alHgator is flushed down a 
lavatory and into the city 
sewers. Twelve years later, it 
has acquired a ravenous appetite 
and grown into a monster by 
feeding off faormone-iDjected 
dogs discarded by a vivisector. 
After that it is a m^er of 
counting toe human arms, legs 
and torsos it wMl consume 


Elizabeth .Hall 


them nevertheless. There wlD 
be time to return to them on 
another occasion if second- 
thoughts justify a blessing in 
time for their generd release. 

Finally, a renuoder- of the 
NllTT’s current series of prison 
films “ Inside " (or those who 
like the genre. In particular. On 
the Yard (1978. director 
Raphael ^ver) (Wednesday 24 
February) is a powerful, con- 
vincing and unsentimental 
account of the web of violence 
and obhgations. of rules and 
remedies that determine life 
within an American jail. The 
T^atively good (a self-tortured 
wife-killer) die and tiie really 
evtl^nen (principally the Mafia- 
style prison fixer) live on. I 
found it a depressing commen- 
tary OR an institutiob that is 
supposed to keep our free 
society free and walked for ten 
minutes in the bright winter’s 
light to recover from tbe 
iMvises. 


Davies’s piano concerto 

by DOMINIC GILL 


teonirrf Suit 


Marty Cniidahank and John Stride 


gendarme of toe mountaineezy 
jpg disaster at -Kanchenjung 
and a railway station far^ell 
between Yeats and Maud 
Gonne wbiefa Crowley interrupts 
to kick toe Irish poet twice on 
toe backside. 

John Stride is surprise casting 
for Crowley but Ms fiat delivery 
and anti-mauiacal presence con- 


stitiites toe best aiguznent in 
Rot»n Letevre’s procMcticm for 
taking toe man occasionally at 
Ms word. Good support, too. 
from the imperiotis Maxine 
Audley, Marty Cruickahank and 
Erick- Ray Evans. And a delight- 
fully tumultuous desi^ by 
John Byrne is not the least (rf 
the evening’s pleasures. 


Another major Peter Maxwell 
Davies second performance, fol- 
lowing hard on the heels of the 
second British performance of 
the symphony No. 2 in Manches- 
ter last Sunday, was Davies’s 
piano sonata — reviewed here 
Max Loppert after its premiere 
at last year’s Bath Festival and 
played again by its dediratee 
Stephen Pruslin during the 
course of a Fires of London 
programme on Wednesday 
night 

Vnth the excitement the 
second symphony still ringing 
in tbe ears, the sonata seems by 
comparison not mereta a puzzl- 
ing and bennetxc work but 
almost crudely fashioned. That 
adverb needs some qualification, 
for the formal working and 
structuring of the piece is any- 
thing but crude and its basic 
gestures are meshed and 
elaborated for 32 minutes with 
considerable sophistication. It 
is the piano writing itself, for 
all the powerful messages it 
seeks to deliver, which is un- 
idiomatlc to a degree: as if 
translated from another medium 
entirely (not in the Beet- 
hovenian sense tti* transcending 
it, but actually arranged) — a 
translation whose very texture 
has the Augmented and slightly 
scatty-'quality of a hasty key- 
board improvisation. 

Examination of toe score 
seems to reinforce rather than 
contradict, that first, has^ im- 
pression: this is not k^board 
writing by a composer -who fe^ 
the piano in his bones. No one 
could fail to admire the scale 
and energy of the enterprise: 


but I was nowhere touched by 
it It has not the headlong im- 
petus or dramatic force of such 
an otherwise stmilariy “un- 
pianislic” work as the Bamqud 
sonata; paraUels vritb late Beet- 
hoven, with whom a certain 
inspirational kinship is indeed 
claimed, seem far*fetcbed. 

Pruslin delivered the sonata 
with fine grip and authority, 
and no more than a degree less 
than ideal panache. The even- 
ing ended with a revival of 
Davies’s ffernelaiion and FoU— *■ 
the tale of toe screaming zhm 
vtoicb kntiated the famous 
series of expressionistic theatre- 
worits (tf toe late 1960s that 
culminated in Eight Songs for 
<s Afad King and VesaKi /cones. 
I suspect that the time has come 
for s straight concert perfor- 
mance of this early and'' pro- 
fouodly untheatrical piec^ 
without crimson ntoes. without 
crucifix, and above all without 
loudbailer, so that such beauties 
of the score as there are may be 
undistractedhr revealed. 

£600,000 grants 
for Grand 
Theatre, Swansea 

The Arts Council is to make 
Housing the Arts grants total- 
ling £600.000 over toe next five 
years towards toe cost of hn- 
proviog aod extending facilities 
at the Grand Theatre, Swansea. 
Tbe grant . is being ■ made 
tiu'ough the Welsh Arts Councai 
to Swansea City Omncil who 
own and run toe toeatre. 


Coliseum 



by MAX LOPPERT 


Extreme immediacy of impact 
bas clearly been'tbe overziduig 
goal of the new Fljfitig Dutch^ 
man, conducted hy Hark Elder, 
produced by David Pountney, 
which opened on Wednesday. It 
is acMeved: by and large this is 
as exciting a perfbnnanoe of the 
opera as I can recall (sadly 
surprising, of course, tiiat of an 
opera in wMch, as Kobbe put 
it, “for the first time a genius 
feels himself conscious of Ms 
greatness," a number of dull 
and unarr^z^ p^ormazices 
can also be so easily recalled). 
By their methods producer and 
designer (Stefbuos Lazarldis) 
have tapped the lifeblood of the 
drama — the exhQarati^, stormy 
world of nature without, the 
human conflict withui for whito 
the storms are a metaphoz^— and 
their ideas are vivified with 
splendid energy by ebonis and 
orchestra, and by a cast includ- 
ing Norman Bailey and Jose* 
phine Barstow. The opera is 
played in one-act form and holds 
one with hardly a hitch, or let- 
up ftum first note to last. 

Unike recent Du£cht?ian« at 
Bayreuth and (according to 
report) New Yor)^ in which the 
libretto was rewritten to reflect 
a producer’s concept, tbe ENO 
staging, though many of its arte- 
facts can be ertticis^ or argued 
over, .remains essentially Wag- 
ner’s; unlike the old Covent Gar* 
dert DutchnMTi. a command of 
“modern" stage techniques and 
devices does not entaD a flout- 
ing of musical and dramatic 
sense. The decor is a pic- 
turesque amalgam— huge gauze 
scrim stretched across the stage 
and over the pit on which pro- 
jections flash and stir gigantic 
wing sails wMch also become 
screens; a revolve suddenly spin- 
ning into hallucinatOTy action; 
a chain of granitic rocks laid 
across the front of the stage: 
^tlights beamed from on high 
to heighten the intensity. At 
tbe “Act 3" climax of the ghost- 
ship hallooing, a flock of devil 
dolls plummets from toe flies, 
blood-red as the ship itself; 
after her death leap, Serna is 
seen to whirl, Ondine-Iike, 
across the revolve to reach the 
Dutchman (but does she? — ^the 
final impression is left, inten- 
tionally or not, unclear). 

Many details raise questions, 
even hackles. (What fiinetion 
do toe wing sails serve in the 
stroctoie iff Daland’s bouse?) 
The play of spotlights begins 
to irritate, the amplified ghost- 
voieeq di^rt, and Mr Fount- 
ney*B own new translation has 
some blunt, bald jmtehes. More 
than one episode is fusrily de- 
livered (too much bnsiting by 
elderly q>hmers, for a start). 
Erikas first entrance comes im- 
inoperly early, at tite tMrd 
verse of toe B^ad; the altera- 
tion is intemiptive in effect and 
unclear in purpo^ Yet even 
while one questions, one is 
bowled along by toe sheer 
vigour and enthusiasm of toe 
production, and by an under- 
lying sense of trust, soon 
assured, that Mr Pountney's 
evocation of the opera’s dif- 
ferent worlds, real and siymr* 
natural, contains imaginative 
truth and artistic honesty. The 
characters live, the chores, is 
not toe inert mass toe ENO h^ 
on recent occasion dumped on 
stage: a cuireut of electricity 
runs through the bouse. 

Senta finds in Miss Barstow 
a great artist at toe summit of 
her powers. What one might 
call tbe Ui'-BrQnnhnde aspect 
of toe role is unlikely to be con- 
veyed— tbe voice lacks toe shine 
of steel, the whole blend of 
personal vibration and vocal 
timbre is too modern, too 
kaleidoscopic, too interesting 
one might almost say — and so 



Jesephiiw Barstow as Senta 

tbe preference of recent mel9ifiuons Steersman firom 
decades for a neurotic or even Adrian Martin, a Maiy 

a nut-case heroine, though sug- frcKu Katiterine Frin^ only 
gested rather ^ than rigidly Dalasd, dieted as a cartoon 
asserted, is certainly toe impres- capitalist presenting a figure 
sion granted by this restless, too pre^ctably conac ('tbe best 


burning intelligence stretched 
taut in a scarlet gown. Hie vocal 
contrtd over phrases toat might 
have been expected to tax this 
voice nninnrtly yras all but inv 
maculate— wonderfully .bound 
and layered rising Itoes, high 
notes not heroic but never 
forced (toe very final utterance 
was, in fact, the freest and 
bravest I have evw beard from 
this performer), diction un- 
usually tremtoanL 

Bailey sounded, undeir pres- 
sure, a touch waoQy of tone; 
toniisb toe notes were .all 
seaire^ plaoed, few of them had 
the needed cutting edge. His 
presence is every Mt as domlD- 
ating as Ma^ Barstow’s, amri 
marveUou^ contzasted — a still, 
utunetodramatic presence, 
darkly roniajrtie. burdened ' by 
an hifmjte weariness left beauti- 
fnliy tinpUeat He feds and lives 
tbe rote with extraordinary 
sophistication. • Erik, John 
Treieaveo, is so sympalfaetic— 
and toei^ore so unlike most 
Eriks — ^tfaat only closer atten- 
tion to tbe Joimng aod bintooig 
of notes (of whkto Miss Barstow 
gives a most remarkaibte «tem^ 
stration) Is needed to make Mfn 
a fpoat-raok one. EsccAtent, 


Dalmids are impressive, for aH 
their greed aztd grabbing), aidted 
or received tess from Dmmis 
WIdcs than expected tbe 
role to after Mr Wicks's recent 
success with Rocco: 

The first outcry of toe ovei> 
tufe was thrillin g; 'whatever we 
may have to complain aibout 
wihen wozite of tess than 
Gcdiseutn-filildne rise are ^ven 
there, this is tite bouse for The 
Dutchman. M some of its dev^- 
opmental sequences, and at odd 
moments thereafter, it seemed 
toat Ur Eader was ahowme tbe 
tension to sQaefcen— it soon baiR 
up again, and toe teog thread of 
dramatic tantness so etequenlly 
held aiMl sustained l:^ Senita aod 
Venderdedeen in tbedr long duet 
was mamtaaued to toe end. Tbe 
conductor is alive to the mighty 
sweep of toe opera: oo doutd 
toe vfliue of each subordinate 
incident, the effect of each sq>ray 
and gust of instrumental colour, 
wti be more certainiy established 
witoin it at eubeequ^ prirfbian- 
ances, Tbe original close of the 
toe overtaie dosA of the opera’s 
final bars is used: no redemption 
musac. but a blnxDft, bard-edged 
dioFdai tniocation. 


BFI backs the re^ons 

The Bm bas prorided for 
substantialiy increased financiai 
mpport for film and televqsion 
in tbe redoes in its allocation 
of toe 1982-63 Government 
grant of £7,014,000 ('last year's 
grant was £6.400,000). 

In a time of flnajicial string- 
ency. these regional increases 
have had to be funded partly 
by real-term cuts and econoomes 


in most of the Institate’s own 
in4ioase activities. 

For toe first, time in toe 
btsto^ of toe BFL its cash 
grant:aiding of regional organis- 
ations tops £100. In particular, 
grants to regional arts associa- 
tions are increased by 20.9 per 
cent to £613.000. Also, the BFTs 
direct grants to other regional 
bodies are increased by ^ per 
cent. 


THEATRES 


oi -Mfr .va ri. _ P ' oyi-y 


Sit.- 2.30. 

.•CvS:4faiUM:01-430 0731. 


,7Tl«V..g«0 




A ; /. 


‘ s: ^036 •SB7*8. ' Credit " e»rdi 

^ OTfr. GrpTt^ 839 

- roRper . ^ STAGS ACTOa . OP^THE 
■ QF^WS VEAR^SWET- IW. •• . 


WYCH.' S- 036 S40d.ee 'gO ^3 
Ji.' Sns 10-41. Info.' 036:^332. 
WLt^^XESPEARE.OaMPAMY TM 

nrilEn’i' -Pfets nisM 7.00 .pin. Nea 

.5Srt^ ^ fsS. *SL*»iS 


_ :^'o'SO^i. *t THe 

^Piccadilly. 


INC or5s'Iioaj>:‘w 


^ . 

I oT Mats Tims 3 A Sat s . 

Mir _ PAVIp SWIFT. 


BaWlY lAME 1h«a«e RW«l. CC 936 
8100. THE PIRATES OF PENZANCE 
opens here May zn. Box oWee no* oeen 


DROKY 'LANE ThedRe' .Rnyml. CC 836 
8100. MOJl-PH 7J0. SM 8.0. AN 
.EVENING'S IHTERCOUIBE wUh THE 
' WIDELY. LIKED BAMCV HUMPHRIES 
LAST 9 WEEKS. , 


OUCH8S& S ^ed CC. 836 8243. Evei 8. 
Wed 3 .Sat 8.30 anO 8.30.' Meli^ Todd 
Derren. Nesbitt and CaiM Mevratinln 
THE BEST^HRILLER foS YEARS THE 
8U6INESS., Of MURDER. 


PUKE' OF YORK'S., 836 31^ 
Grabp ' sales -338 <061. 


_ CL 836 

9037, Grabp ' sales -338 -6001. Eyos. 
7.45. 'i prKe mat Thors, Sat S s 
8.16. 31mea .'Ca'Im A JVb-toli.RyeM 
hi J. P. Doeteeryv BALTHAZAR. Enlpy 
jve-show- sapper at _Cate Oiafco plus 
tkt- fer £7.80. Tel. 930 4740. . 


TOnniHE THEATRE. OT-W8 ir*,. S. 
Russell'. 'Street. Cavern. Gerdcn.- JOHN 
BMOOM as the leoenCta^ MAX MILLER 
mlSSE'S^ ni^V THHIC to R. W. 
SnakesMare. M; n-Thura O pm. Fri 6 Sat 
6 3 9m. fi2.se. £3.S{U £4.|0. £5,00. 
' Lowest ticket prices in west End 


GARRICK, - CC: 
Mats. Wed.. 3. 


BS6 4601. 
Sat. 


ihOEI,G, SHAFTaSBURy AVI. a 


01-828 ^1865-6-7, CREOrT 


A-WM‘LABLr*AT tBe DOORS. 


CAMBRIDGE THEATBe, 


tSo. «ots"wcds^. a-». « 
?7 .OTS»“1S8 £25"K.Sd.?l 

oerf. — 

■COLISEUM. S 836 3181> CC 240 

i&rioW a 

Tanlaht 7.00: AIDA, tomor, .Tees 8- _. 
W nVINQ DtnWMAN. Me^TI^ 
; 7.00} THE MARR)A<*E OF FIGA^ 
balcony ooots avail trow 10 ow on aw- 


.COMEBV . THEATim 5>,„ 

SIS'* ^ 

',1 8.1S. Mata . Ttaofi . 3. Sits . 5,15... .Price 


sr^iHg >y>i^DUM_w. . yg ^ 
; COMEDY OF THE YEAR. Sivet Awertt 
9981. CEOaOMA HAUE- 




COVENT CARDEN. 240 10M 5 
^ tinree CC 656 »03>,- 65 aiw^h a w 
.avairfnr all perfs from 10 am on w 
'•dev el perf. THE ROYAL OPERA Tont 
at 7.30- « Tues 'al 7.00 I* 

(Marltm Zseban ainfls MisetM. ^ 
' Recordino on Toes). THE ROYAL BALUT 
' Tomor ar 2.00 & 7iSQ A 'Thers 
: Swan Liilca. Wed it T.U Manon. niaitre 
. dosed on Mon Feb 1S. 


’X' ri-' ' ' 


CRITERION. S 930 3216. CC 379 6565. 
■Grp bkOS 836 3962- ' Mon-Thlin 7 JO. 
PrI and Sat' 6-0 and 645. Nwn hwted 
as COMEDY OF THE YEAR 1981 SWCT 
Awards. DARIO FO*S COMEDY CANT 
PAYi.VreNT BAY. 


... ....... Svts 6. 

.. 9 A 8. 11th 

HYSTERICAL YEAR OF TRE LONGEST- 
RUNNING Cei^DV .4 M,_We“Sc»LP. 
.NO SEX PLEASE .— WBVtf W I.ITESH. 
2 hours ol noe-^P .laiiflhter. Directed 

%s‘S 

0731. 


GLOBE-S CC 437 1S92.'439'6770-67ra 
.*Va 86 - 'THR RUTLER. ■ The ' new conicdv 
liltw eX Idle with WIL^ 

JOHN PORreNE.. MADGE F 

PETER J0N5S- Mpn-ITtori E--. 

. Sac 6.0 A -8.45. Group Sales- Bex OfNw 
’S79 5061. Students H ' wKe (an yep 
' seats) • aralleWe 1 -hour before perler- 
mance. 


RYAN and 
8.0. Frl. 6 


CREENmCH. 5. CC. . 01-.858 . 77S5. 


HAVMARKET THEATRE ' ROYAU 930 
*T832!'0P& tonight at T^OO. lub 

CHOICE. A eoin*dv by Harol d- Bflgh ou^^ 
Directed by Ronald lyre> Advance Eox 
OElce eoM. 


uER MAJESTY'S. 9SQ 6608-7. CC 930 
**4&5*67GmP Miners 6061. Evs 7.30 

1st mab SS. FRANK FIHIAY In ttio 
.National Theatre’s 

internaMnal Snasii Hit AMAPBU8 by 
l^SlM^FER. Directed by PETER 
HAtfi. 


KINGS READ. ^,1516. Frm to 

20 Feb Dnr 7. Show 8 • MA«MDy. 
written- portooned by Franfc Berrte. 


LONDON PAU-API UM, .’ Ol-S g '7373. 

^r^d^Sb 2.4S. IW, the.tenM 
HoHlneTOt -437 2056. 01*734 8951 Tor 
mstane credit eprd rescrvntloiie. . 


LYRIC. S. CC 437 5686. (9v aales 379 
6061. Eves 6.O. Ma t w id 3.0 SM S.l5 
BRIERS KTSR EGAN. RWmrd 


_ _ _ M81. ».M-. 

ore-show.' supeer at the 

for only I68.9S hK tel 01-*37 9090 

LYRIC HAMMERSMITH. S. CC. 01-^1 
^2311.- PAUL EDDINGTON In Noise o Of . 
mCHAEL FffvH’B NEW COMEBY. 
EMU^iO. T^ Mat 2^.. Sat 4.30 A 

L'iw'e STUDIO! EvH 8 pm WHERE 
^ERE U DARKNEBE Rodolph 

WLikH. - - 


l!SK 


5568. CC. 01-236 5324. 


SAM - CRISTOBAL 


by John Dexter. 


NATIONAI,. TNRATRL 5 928 


THE ORESTEIA In tO entirety 
be promet for S.30 pm steit- 


LYTTELTON 


MRS 

PireTo. 


tpreeceniem stseel; 
S.00 A 7-45 THE SB 
TANQUERAY by Arthur 


tea): Ten't 7J0. Tomor 3.00 « 7.30 
SUMMER bv Edwerd Bond. 

OKcllent cheap seets dav of oerr all 

3 theatres. Also standby as. mina 

start. Car park. Renauront 826 2033. 
Credit card bkes 928 5933. 

NT alse at HER MAJESTY'S 


NEW LONDON. CC. Drury Lane. wca. 
01-405 0072 or 01-404 4079. EfS 6.0. 
Tue» fi S^ 3.0 4r 8.0 from March 
1. «es TAB. The Andrew Uovd- 
Webber -T.S. 6llet Award WHuiing 
medical .ttTS. AddltloiMl Bm oNce (at 
neroial theaav pr)c^ The Tleaet Cmoe 
next to Wyndnam s Theatre, SL Mardo's 
Court. Charins Cross Rd^ Group beeklnsB 
■01-405 1567 or 01-378 6M1. Apply 
dally to BMC OlTioe lor returns. Personal 

‘ssv?fi)M^r*‘ NSf 

ADMITraO WHIUvEyOITORIUM IS IN 


MOTION. FLEAS! 
open 1 hour prior. 


BE PROMPT. Ban 


PALACE. CC 01.437 6834. Andrew 
Lloyd-Webbo"! SONG AND DANCE. A 
loathe _Wabvi. Stwrlnjl^ Marti 


Webb In trll 


rOAT A 


Wevne Slcen In VARIATIONS. Mon-Fr^ 
a ' pm. Sat 545. 8^. Now boekioB. 
OpcM March 26. 


PHOENIX THEATRE « 

01-836 2294-8611. - . . 

6.0 fi 9J). ONE MO' TIME! 

NEWT ORLEANS MUSICALI 

TIhie IS A GOOD TIME' ' 

01-379 6061.- Rim Tdedaia Ol-ZOO 

a 200 for lasiant cenhrmed CC hkgs. 24 
t peisonar aervicc available. 


BATRB (Chiriim Cress Roacl). 
1-8611. Evn 6.0. FrljLbt 
INE MO' TIMR THE GREAT 
,NS MUSICALI ONE MO' 
SOOO TIME' (kouD Sahs 


FieCADlUY. 5 437 4506. CC 373 6565 
Group ules .Q1-au _S962, 379 ^1. 


ProsKi hkg Kev 220 2324 Mon-Fr. 7.30. 
Mat WM3.0 Sat S.U 6 8.1$. 9QV/ 
SHAKESPEARE COMPANY lQ_ WIi 
RwHcM's new 


COMPANY 

comedy EDUCATIL .- 

CemedT of tbe Year SWET Awards 1980 


In Wiliv 

N6 RITA 


DWARD, Old Cemnim tt.^m 


PRINCE EDWARD 
Rkt and 

Directed by Harold Prince. E«M i 
Mat Thurs (economy price) and 3at 3.0. 
^ per. ends 10.15. S Box OffMc 437 
6877. CC Hotline 439 8499. Group sales 
375 5051 or Box OEIcc. For fostint 
24 hr bkss ring Teledata 01-2M 0200. 


PRINCE 

8681. 


OF WALIS IHEA 
Credit card .boakf 


kTH THE 


ROY HUDD fi CHRISTOI 
In UNbBtfliA^ 
musical Bt the 

Sr'7So^5r^i‘'27-« 5.is *-8730- 

7*S5?vi f ksb: 

Group sales 01-379 6061. 




0 0^ 

.IMOTNV 

ARCHES. A 


Ptanmn & Allen tterv. 
Feb^. March I.. 2.A 3 


ee 01-734 1166. Evening 

Nlat Wea 3.0. Sat 5.15 and. 8.30, 


^E9N«S. 

PINTER. Ust 2 wanks. Ends Feb 20. 


RAYMOND REVUEBAR. CC 01-734 1593 
At 7.00. 94)0 and 114)0 pm. DPcn 
Suns. PAUL RAYMOND praaons THE 
FESTIVAL OF EROTICA. FibulouV new 
KB. Baautllul nev uirb. ScmpUpimI ar*r 
thrllb Mr 1983. 2Stn McBalWnaT wari 

ROUND HOUSE. 267 2564. UDVd'a Bank 
SHAKESPEARE WORKSHOPS IS (« 11 
fVh The Lour Pluw— 1 «p IS Marib 
The Trasvdiaa. 11.30 am a ^15 am. 
fwRh lunch hrvakl. All KaB £3. 

PrwMtri by thia Haw Snaheineara 
Campunv. 

ROYAL COURT, S. CC. 730 1746. Ev«l 
8.00. OPERATION BAD APPLE by 

C. F. NeMmnii. 

SADLER'S WELLS THEATRE, EC1 . 537 

1672.167^3856. ^dll cam 10 am tP 
6 am. 01-276 0871-837 7505. Ciu. 
aalea 01-379 6061. 24 hr tnatintN 

eanhrmvd rtiari.-llow 200 0200. THE 
SMASH HIT MUSICAL » Tim RKe 5 
Andrew Lluvd-WaPber JOT6PH A THE 
AMAZING TECHHICOtOR DREAMCOAT 
Today A Tomor 2.50 A 7.30 LAST PEfIFS 
OF RSCORO BREAKING SEASON. 

SAVOY. CC 01.836 EBU., For Crtdit 
^ard hooMm riaa 930 .0^731 i4 Omi. 
9.30-6.30. SaB 9.30-4.30. Eves 8.00. 
Mat tSts 3.00. Sat 6.00 and 8AS. 
siaaoN WARD. rarsaA? MURBAV. 
CUFFORO ROSE in FRANCtS DVR- 
BRIDGE'S Hit TWIIlB- HOUSE GUEST. 
OVER 300 PERPORMAFfCES. 

S1AFTESBURY. S. CC. ShaftasMrv Ava. 
WC2. Tal. B«c Office 038 6596 . 2nd 
Year Nall Simon a HH Matcaf MARTIN 
SHAW. SHEILA ORANO. THEY’RC 

PLAY1H6 OUR SONG. OAPI £4. 

M». Wed. 3CQ. SatwEm 3.00 fi 
840. OedK -srO bkfa 830 0731 14 

Una). 9.00-7.00. Sata 9JW-4JO. Rad 
uroup bl» 01-039 3093. 

SHAW. 01-381 1394. Worhshop ProEac- 
tlon at MACBETH. LAST 2 CAYS. Today 
at 2.30 A 7.00. Tomorrma At 7.0& Lew 
Frka. Easy FarWiw. 

ST. MARTIN'S. CC 836 1443. EV91 B.M. 
Tua. 2.45. Saturdays S.OO aiw ff.ee, 
Agatha ^BtiaV THE MOUSCTRAF. 
.Werid'a toflffcst^mr run. 30tti Tear. 
SORRY. No reducad arlea trem any 
tevrec but acuB bookable trora £2.40, 

XTKAND. HO SEX n.l8ASS — Wt'RB 
RRITISH HAS MOVED TO THE GARRICK 
THEATRE- 

STRAND THEATRE. CC- 01-836 2660. 
01-836 4143. NVREE DAWN PORTER, 
ROY DOTRIOrin MURDER IN MIND. 
A thriller by Terence Fretr Cvta Men. 
?rl 9.0. SaU 5.0 and 6.0. Mn Thpr 3, 

TALK OF THE -TOWN. CC 01-734 5pS|. 
For reaarvatlent or on may — Lsnden s 
oreanst night out. From 6 om. S HOURS 
OF TOP OITERTAINMENT. THE TALK 
OF THE TOWN-GALA GALAXY lEVUE 
<9.30 nm). hurr MONRO til Pm). 
Olikncr. danelns. three Mfidi. 

VAUDEVILLE. CC 01-836 9989. Evea 
8. VM matt 2AS. Sat 5 A 8 GORDON 
JACnON la AGATHA CHRISTIE*" 
CARDS ON THE TABIX. 

YICTORIA MIACR. CC. 01-«28 4735-6. 
01-854 i:fl7. . evB. 7.30. . Matt. 
-TiiM.. Wee. Ttarv. 6 SaL at IAS. 
JOHN INMAN.- AKIMOR LOWE, 'AN 
LAVENDER In MC11RDI 00028. (kwa 
ulea 01.379 6061 £ taladata 01-200 
0200 (24 heural. NOW EXTENDED 
MUST ENO SAT Ftt. 20. 

'VICTORIA PAIAGE THEATRE. Onem 
March 11 Umltad seaaen. Previews 

March 5-16. ELECA8ETH TAYLOR In 
THE UTTLB F(»CES hy ULLIAN HELL- 
MAN. Advance 60 K wHce onen 01 .854 . 
1317-8. 01-828 4735-6. 0«dK ClTdl 

accepted. Grano cales 379 6061. 


lyiENS. S 
fioo. Mat 

ANOTHER 


S CC 01-734 1168. Evenimi 
Wed 3 00. Sat S.1S. 8.^ 


. . .. eoUNTRY'bv JiilMiTMltdisiP 


ad"'froiP L2.S0. 
7 pm. 


FESIANCaAL TIMES 


PUBUSHED IH LONDON & FfUNKFURT 

Uadbfi 

anECWr 


Ar Shan Imfex amf Bnsmess News annnary; Tdeifidne 246 0026 
(noBaber, precRded hr the aniropriEte aiea rale MUftir 
OinnhaglBn^ .Umpool am MmcIii iIij) 


WAREHOUSE Donmar TlwaVe. Earlham 

?6vSr"*s§^-EsWASi'*' wMaav 

19 Feb.' 

CONTINIRB ON FAG5 IS 


race The PtauM ftB 
■ ttoefijO CMuanWiur, 

4*7. TMeelMTl. IMgrM 
tnudM. TW^iiir 0U« 800a FMfet 
Bfnte Tto teenehd Them (Cweee) UR, 
Wi irtfifr. 54, D6009 Reddtof eWui; 
WtottovH^.Thte4Xtf95.7Neuhaoe7996« 

M t eW. n l i il I 71.*L T|- 

TU ehi iA 79TB 397. 

interiUtioiial & 

BRITISH EDITORIAL ft 
ADVERHSEMEirr OFFICES 

BshNiVi P3L ■UC3295. fNllNltW T, TBte 
USB. 'UR 276 79b. 


J32AM 

BB M S B . TMt 210039. 


Mft. 


4549ML 



140A TH: 512 9037. 

CaRe PJL Bk 2040. TSMe. 

i29 5eul>>F)e de)idi *b.eraiia.Titee 

25414. 79b MGi 6CB378. 

T j Eito s H i . aMwMBMMRrtetoSPGnve 
StaA E« 2MK1 Nk: TeeBfiSpiNNf tS 
tatGES 4120. iRRurtMeTNi 03X226 409L 
Fli Me fe EMME PMwMke 7XGL Vte 
4UQ5L TMs 7590 357. MnstHw Mettra. 
5fi Tdee 416195. Ttt 7990^ 


MHkiA eenwedaS^ IIMM3.Tlfe4<L«n& 


lfae., teeeP5U M2 5HT. Tekc 666B13L Itt 
0634B4 9383. 

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OL TUee 22004b Thb 297 SST 

■Mde JMdNeBtoraN6 45LSMM 
tabu OCP 20090^ Mb da tera ■! 
263 BOB. IWeecfi ~ ‘ 






6DF. TH: SB 666b 

miriHf PPhnuHiir 3b jrataraL I 
TdCD 4Um FlMaie%: ae 16%. 

Nee YMe BRHW ra 


50 60 8BL 

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F.T. CROSSWORD 

ACROSS 

’ 1 She left without a-trouseme 
( 11 ) 

7 and 28 Cultivate fish pit (6) 

9 Hasher sailor returning to 
steer (5) 

10 Where one may get mixed 
ice after a meal? (9) 

11 Tinder for luck it’s said (9) 

12 Deltbeiately avoid woman 
holding a' notice (5) 

12- Bribed, however, in avarice 
<7) 

15 Learner taking gas in den 
(4) 

18 Give a new face to state 
’ politician (4) 

I Soldier in uniform? (7) 

SohitiM to Pnxrie Nou 4,795 


' QOltiDa^j BQIulBmQ 

□ Q B £3 Q 
CH 3 DDC 1 QQ □□□QDQQ 

□ □ □ □ S Q Q 

QQQOJdT^BaSIIlD DGISC] 

B □ □ Q Q 
SQQ 
Q 
B 

□ 

B 
Q 

a 

d 
Q 


Ti 

Al TraelGlGtStHtEILl H 

IBIIIIMVmI 

N iaTtElRlwBLlAlG eIrI 

aMK 

MiAlNlHClUiR 11 

mtiorMb 

NlcWUElWA TTEI 

ol^lisKBAi 


FUZZLE No. 4,796 

S3 Rule no right mother fol- 
lows (5) 

34 Dear former birds Z have 
briefly (9) 

26 One way to dry tooron^bly, 
where the steps are (5-4) 

-27 Bread and wise? (a) 

28 see 7 Across 

39 Tc^ to shreds everything in 
ship and London horse-mart 
(11) 

DOWN 

1 Malicious damage produced 
by shoe over a long time 
( 8 ) . ^ . 

2 Protruded, bat shut out (8) 

3 Left shoit measure is 
boundary ridge (5) 

4 TaiUess bird left dead by 
man deceived (7) 

5 One who disbelieves if led 
in wrongly (7) 

6 Collecting a'crowd of people 
(9) 

7 Closely alDed cxmtinental 
citizen (6) 

8 Proof-corrector of Frenito in 
the back (Gi- 
ld Puffin, deep to repeat by rote 

(3*6) 

16-That which one ta wholly 
wrapped in, wrestling with 
everybody (3. 2. 3) 

17 North-west wmd making sage 
rest (8) • 


19 Excuse in front of tiie con- 
tents of a book (7) 

20 Drive back soldiers with a 

beating (7) 

21 New Frmrch article 


employed (6) 

32 Arrange to establish nder 

( 6 ) 

25 South-west wind and son to 
change (5) 








Finandal Times Jfnaay -r 


FINANCIALTIMES 

BRACKEN HOUSE, .CANNON STREET. LONDON EC4P4BY 
Telegrams: Rnantimo. London PS4.Te!ex: 8954571 
Telephone: 01-2488000 


Friday February 12 1982 


Deadlock in 
Indochina 


THE ASLEF STRIKES 


THE Foreign Ministers ol 
Sout^East Asia's non-com* 
^unist countries are worried, 
as Lord Carrington wiii have 
discovered on ^is current trip. 
Peace in Indo^ina seems as far 
away as ever. Three years of 
diplomatic, political and econ* 
offlic siege of Ebnoi have 
achieved virtually nothing, ex- 
cept perhai» to make its rulers 
more infle^ble. “ Bleeding Viet- 
nam white” is not working. 
Vietnamese' troops remain in 
Kampuchea three years after 
the mvasion, supported hy the 
Russians and apparently con- 
taining the challenge from the 
Khmer Rouge guerrillas operat- 
ing from their jungle sanctu- 
aries on the border with Thai- 
land. 

In Phnom Penh, the capital 
of Kampuchea, the Heng Rain - 
rin regime— installed by 
Hanoi's armies — seems to be 
gaining a small measure of in- 
dependent authority. 

Open split 

Worse, there are now rigna 
that Vietnam's occupation of 
Kampuchea, until recently an 
issue which galvanised and 
united Asean, is beginning to 
divide it There ^ now an open 
split betwera those countries 
which regard Vietnamese and 
hence Soviet hegemonism in 
South-East Asia as main 
threat to the area (Thailand 
and Singapore) and those which 
are much more concerned about 
the' long-term spread of Chinese 
power (Malaysia and Indo- 
nesia). 

This follows the collapse of 
Asean’s painstaking efforts to 
put together a coaHtiozr, a kind 
of govemment-in-exile, of 
Khmer groups opposed to Heng 
Samrin and HanoL The Khmer 
Rouge, armed and no doubt 
strongly influenced by China, 
rejected the idea, refusing to 
accept anything but a dominant 
position in a coalition. Peking 
wants to do nothing which 
smacks of comproraise with 
Vietnam, believing that a well- 
armed Khmer Rouge force 
hammering away ar the Vtet* 
namese will eventually force 
them to take a more conciUalory 
line 

The coaUtion idea was a long 
shot but Asean saw it as the 
only way forward. Its collapse 
now only adds tn the deep em- 
barrassment of all those nations 


who for the past years 
have swallowed bard and voted 
for the Khmer Rouge at the 
United Nations, largely to de- 
fend the principle that no 
country has the ri^t to mke 
another by force. 

Attempts are now being made 
to revive the talks on a coali- 
tion. Both Thailand, which is 
trying to set up further negotia- 
tions in Peking, and Singapore 
are understandably anxious to 
keep the initiative abve. Malay- 
sia, Indonesia and the Philip- 
pines. however, have warned 
that they may withdraw recog- 
nition from the Khmer Rouge 
um'ess the non-communist 
Khmer groups are given a sig- 
nificant role in a united front 
before this year’s UN vote. 

Disarray in Asean’s ranks 
serves nobody's interest. But a 
healthy debate about the alter- 
natives to the present policy 
would be no bad thing either. 
In particular, there is a case 
for exploring the possibility of 
a parallel dialogue with Hanoi. 
There are, inevitably, prob: 
lems. Hanoi, with less than 
total candour, refuses to talk 
about Kampuchea which it says 
is an “ internal matter ” for 
Heng Samrin. China, which 
still maintains links with pro- 
Peking guerrillas in .Asean 
states, would be none too happy 
and no solution to the Kam- 
puchean problem would work — 
unless China agreed to under- 
write IL 

Another offensive 

But stability in South-East 
Asia will also hinge on a 
modus . tnrendi between com- 
munist Indochina and non- 
communist .Asean. The two 
sides will have to talk some- 
time: why not now before an- 
other dry season offensive .on 
the Thai border? 

Vietnam's economy while 
helped by a good harvest, is in 
a mess and costing the Soviet 
Union anything up to $6m a 
day. There are signs that Hanoi 
is increasingly worried about its 
dependence on Moscow and is 
beginning to look to tiie West 
for aid. .A small olive branch 
fmm Asean to the Vietnamese 
may be timely. Asean would 
lose nothing by such a gesture 
and, If Hanoi's pledges of peace- 
ful coexistence with its neigh- 
bours are more than just empty 
rhetoric, it may gain a great 
deal. 


Law reform needs 
a new push 


The archaic ways 'of .English 
justice are notorious. Tb^ are 
enjoyed by those who are part 
of the system and detested by 
those who suffer its delays or 
are denied justice because tiiey 
cannot afford Its costs. Calls 
for reform appear from time to 
time but die quickly stonewalled 
by the profession and smothered 
by the indifference of political 
parties which tend to treat law 
reform as a technical issue of 
no great electoral appeal. 

However, when the Law Com- 
mission. in its Annual Report 
to the Lord (Hiancellor pub- 
lished today, states that there 
is a need “ for immediate im- 
provements, and for radical ex- 
periments ainsed at the removal 
of waste in time and money.** 
it is a sign that the legal estab- 
lishment now accepts the in- 
evitability of change. 

The Law Commission believes 
that a review of civil procedure 
is overdue. It cannot realistic^ 
ally envisage the possibility of 
undertaking this task on its own 
as there is no early prospect of 
the Commission being ex- 
panded. It suggests that the 
causes of avoidable delay and 
unnecessarj' expense should be 
identified by consultations with 
hoth lawyers and other users of 
law. and that valuable help may 
be obtained from those experi- 
enced in business administre- 
. tion. 

New body 

The Commission h(H>es that it 
will be possible to ^set up a 
new body to carry oat this work. 
This is a reasonable proposal, 
and the CBI should take it up. 
in the interests of industry and. 
particularly the small busi- 
nesses which often find the price 
of justice out of their reach. 

With a small staff of 23 law- 
yers— a fraction of the comi^e- 
ment of a large firm of City 
solicitors — the five law com- 
TttissJooers achieve an impres- 
sive output of papers on specific 
. issues of contract law. contri- 
bute to the formulation of a 
modem law on the financial 
aspect of the family, and make 
some useful progress on the re- 
.statement and modernisation of 
criminal law. 

It seems rejgretiffble that a- 
lack of resources has obhged 
them to suspend work on 
me^ods of modernising and 
simplifying the existing body of 
statute law. It may not be the 


five commissioners' own choice, 
but the obvious priority given 
to specific problems as opposed 
to broad issues benefiting the 
entire administration of justice, 
such as the reform of proce- 
dure. and the simplification of 
statute law. seems questionable. 

Greater certainty 

Business decision.s cannot 
wait for ihe result of test cases. 
Much litigation could be 
avoided if it were pos-sible to 
establish what the law says 
faster and with greater certainly 
than at present. 

Different .methods of inier- 
' preting statutes employed by 
different courts and even indi- 
vidual judges are another cause 
of uncertainty and unpredicta- 
bility. as we were recently 
reminded by contradictory 
decisions regarding tax 
avoidance and the admissibility 
of appeals ..from arbitration 
awards. It ^ems particularly 
unfortunate that when the Law 
Commission U4sd its * scarce 
resources for producing a report 
on the interpretation of statutes, 
this has had no practical effect 
. over the past 12 years. The 
resulting Bill was passed by the 
Lords but failed to proce^ in 
the Commons. 

The Law Commission has ex- 
penenced difficulties with the 
inplementation of even such 
obviously useful, and unconiro-. 
versial projects as the consolida- 
tion of .Statutes. It has now 
developed a metiiod of pre- 
consolidation . amendments 
which should facilitate the 
pas^e of the consolidated Act. 
It is very much to be hoped 
tiiat rapid progress will be made 
with the consolidation of com- 
pany law. 

Contimdttg process 

Law reform is a continuing 
process which takes place on 
several levels. It is movins 
too slowly and not always oa the- 
levels where it is most uigent. 
Although .complaints abound,, 
there is not enou^ momentum 
behind reform, either tix>m in- 
dustry or from politicians. 
Industry and other interested 
sectors should say dearly what 
their needs are. Politiciaas 
should provide for a procedure 
which would vet uncontroversial. 
tedittical. Bills through parlia- 
ment quickly and provide par- 
liamentary time for law reform 
projects which need fuller de- 
bate. 


Why 


T he longer the railway 
stzikes continue, the 
more vital it becomes for 
British Rail to win copper-bot- 
tomed productivity agreements 
from Aslef. the train drivers 
union. 

Daily the stakes are rising 
in both political and financial 
terms as losses mount and cus- 
tomers switch to road and air 
travel, so hitting both British 
Rail's current finances and its 
justification for a massive 
medemisation programme. 

There is no significant wish 
In Whitehall radicaDy to cut 
back oa the raUway system— 
although the railways will 
always have their detractors in 
certain parts of the Treasury 
and the Conservative Party. 

But there is a determination 
to make the railways pay for 
their mistakes and to make 
them earn the right to fresh in- 
vestment through productivity 
and efficiency Improvements. So 
unless some quite miraculous 
efficiency gains are produced 
rapidly in the wake of the pre- 
sent strikes. British Rail will 
be forced to introduce fresh 
economies to help pay for the 
longer-term costs of the strikes 
and will have to fight harder 
for investment funds. 

For the time being however. 
British Rail is being supported 
by IiBnisters and mvil servants 
and it is coming under no pres- 
sure to change its tactics. It is 
almost certain that -the Trans- 
port Department and the 
Treasury will adjust both its 
short-terra borrowing hnut of 
flOOm in a couple of weeks' 
time and then its current 1981- 
19S2 external financing limit of 
£920m to o£^t the losses — now 
standing in excess of £60m — 
incurred during the strike. That 
will leave any longer-term 
losses In I983-S3 to be played 
for once tiie. terms of a settle- 
ment are seen. 

The Government is pleased 
and highly relieved that, 
despite the perpetual protesta- 
tions of Mr Ray Buckton, 
Aslef's general secretary, the 
strikes have not escalated into 
a political crisis and .that there 
are no reports of serious indus- 
trial effects. 

.A survey conducted by the 
Confederation of 'British In- 
dustiT*' in the past two days 
shows that the new strike days 
have had little extra effect on 
industry, which in general 
Insists it is coping with little 
trouble. Hardly any companies 
have contacted CBI offices 
about problems, although there 
is some concern that postal 
delays are slowing down 
arrivals of cheques and there 
are some possible problems 
with coal stocks. 

'nere v411 also clearly be a 
con^derable bill to be picked 
up later when the costs of find- 
ing alternative forms of trans- 
port and of rescheduling 
production lines are totted up, 
but for the time being indus- 
trialists are showing no si«ns 
of wanting to change the tempo 
of the dispite. 

To begin with Ministers were 
worried that the dispute might 
become entangled with a miners’ 
strike, so providing the trade 
union movement vdth the 
chance for the confrontation 




By John. Elliott, IndustrM Editor 



=*=1 win 


illil 1 






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iTtoiim!ijiiililii!!!iiiii!iiiiii!!iii!^ 




8TiiilliUijiiiy!ii!iMitiF ”^> 


Eiai.iEBS awBBny 


that some of its activists want. 
‘Hiere has never been any wish 
(despite ^e views of some Tory 
Party hawks) anwng senior 
Ministers for the current dis- 
pute to become a miners' style 
cause celj^brc. 

Indeed one very senior mem- 
her of the Cabinet is reputed 
to have said just after Aslef 
started its action to Sir Peter 
Parker, British Rail chairman, 

“ But Peter, when are we going 
to have a real railway strike? ^ 
Since then the present strikes 
have become more “ real " and 
can now be seen as the major 
confrontation between Aslef 
and the rest of the country that 
has been brewing for perhaps 
Iff years or more. 

tn the past 10 to 12 years • 
tiiere have been very few signi- 
ficant improvements in produc- 
tivity on the railways as first 
Aslef, and then the National 
Union of Railwaymen ha.ve 
blocked changes in train man- 
ning. Improvements in output 
per man have averaged. less than 
1 per cent a year between 1974 
and 1980 althongfa there have 
recentiy been important 
modernisations of marshalling 
yards, the parcels, business 
and freight trains. 

Issues like rostering (at the 
centre of the present dispute) 
and train manning (which may 
well pro\-oke fresh confronta- 
tions in the coming months 
with the NUR as well as Aslef) 
have been on the labour rela- 
tions agenda since the late 
1960s. 

A combination of factors 
have now brought these to a 
head. First there is a de^e^_ 
mined Government— the Prime 
Minister in particular seems to 
have so little love for the rail- . 
ways and such a dislike of 
naionalised (ndusrrie<[ that .Sir 
Peter has been heard to com- 
plain about IMng in a “cllrnate 
of insult." The Government has 
refused to fund a massive elec- 
trification programme frosting 
£450m over the first 10 years 
and £750m to complete over 20 
years at 1930 prices! unless 
Briri.sh Rail stops its habit of 
making unfulfilled promises 
about redundancies and efficien- 
cies. 


(Z2S2)MSsr7SaS7Ssr 
fVKbHcedAnmiali/ 
iperNtintoaf aarf 

I 

100 




Second, the wage deal 
awarded last year in arbitra- 
tion'by Lord McCarthy of 11 
per cent forced British Rail, 
which only wanted to pay 7 or 
8 per cent, to insist on produc- 
tivity gains to cover the extra 3 
■per cent And the introduction 
of a 39-hour week concentrated 
attention on the working ros- 
ters of . train crews. 

• Thirdly, the overall railway 
ne.twbik . is sliding so rapidly 
into a state of disrepair that 


Mrs Thatcher in 
particular has no love 
for the railways and 
such a dislike for 
the nationalised 
Industries that 
Sir Peter Parker (right) 
has been heard to 
complain about living 
in a “ climate of insult.” 


British Rail has been forced to 
end years of proscrastmatlon. 
"The watershed year is 1983. If 
major expenditure on replace- 
ment is not started by then, the 
Inevitable consequence will be 
a rapid rundown of the whole 
railway system ... so the year 
for decision is 1981 said 
British Rail in its major policy 
statement last March. 

British Rail then pick^ out 
from a longer shopping list pre- 
pared in 1980. six productivity 
improvements wbcih could be 
seen as catalysts from which 
further improvemeitts would 
flow. " We had been nibbling 
away for many years with little 
happening and we had to make 
some headway." is the manage- 
ment's exialanatiou of the choice 
of the six. 

The first— experiments with 
"open stations'* where tickets 


are dealt with on trains — is said 
to be going welL The second is 
the introduction of seven to nine 
hour flexible daily rostering. 
This is seen as an important 
forerunner of other productivity 
improvements such as single 
footplate manning; hut to 
British Rail .it has a special, 
priority because- it . should 
eventually provide - savings to 
pay for the 31 per cent pay bill 
increase caus^. by tiie intFOduc- 
tion of the 394iour w^k. 




M- u. it5 vital- seer Spee&Iink .service. 

./ - ^ lainiitespeMte y^iy. strike -has bit lost' as 

' British RaH's freight managers 
^ey were ^ for better 
L—i ^!ia. , ^ioe. Their maia hopes now 
20ff: on rouping the business 

• ; .‘iain SQ far. it exp^ future 

•• lost'ord^ to. amount to £10m 

^ • ■: - to- fiSm in .the. coofing .year 

~ " and .is hoping not to see major 

I ^ . custmnei^ : such . as . the 

I T---tl 60 Office * and new^peis stay 

• I away permanently. There may 
'■ , also he some p^iment loeses 
• . :• , ^Wb>u ■. -ffvr ..-the ..haasehS^ business 

• ' which hqs so far se^ £ 30 m 

' . revenue disappear. .. 

■" ' It k these futuie.losses which 

.7.9^ ' * are most worndhg. because it 

is quite likely tikt the Treasury 
' -; - will not be prepared to adjust 

. year's ^ £ 956 m - CTemal 
' . , - , 6*5 , . finance limit to soak them up. 

'Briti^ . Rail’s best hope is tiiat 
such problems win . be passed 

■ ■ ^ . on to -a major external review 

i ‘ ■ overall ffnahees and 

1980 . ihigitallMS ■ . objectives which was to have 

' ' 7 - been set up late' last, year by 

aniim Ley^ the Goyenimenit,-but wlti<rfi will 
not now, go ahead till the strikes 
weH ^ Aslef .to aecd^ .npe qm7 are over. 


fortabie 'changes. 


Otfierwise British' Rail wiH 



Even when it is eventually 
agreed by Aslef (the NUR 
leadership accepted it before 
C^hiistmas), productivity gains 
will only flow In slowly. ; . ' • 

If progress had not.foundered 
in Uie present confrontation, 
moves Huuki by now have been 
made on the other four ", items. 
Experiments on ^gte-maoniAg 
of certain frm^ trains should 
have started in South Wales 
before being spread eisewhere 
-later in the year. eventu»Hy. 
eliminating 1,200 guairds’ jobs. 
Single-manning of passenger 
trains is due p> start esiperi- 
mentaiJy on the B^ford-St‘ 
Pancras line in May, followed 
by another single manning 
chaise and totroductioo of a 
common “ trainman " grade. 
Each of these items coul-d well 
be the subj^t of tortuous nego- 
tiations forcing the .NUR. as 


Having shed 10»OOQ. employees haveto-face up to ..one of three 
and eiimfimted-14,(X)0, jobs; last other ^tions'Mxi^ ft' cannot 
year, mainly by modmmisix^ afford to raise prices. It could 
freiS^t operations, British R^ increase, the 7, OW redundancies 
has 7,000 roduncUncies piaxmed -Yot- this, ye^ cut back 
scheduled for .this. year out of '- oq ' iB-veAmeht,'.'or speed up 
its I69j000 .workfoive. Its over- slipping and 

ail plan has beeii to .sh^ 38,500'' surpl^ propeity.' 

.by the -most-' c^tratious .'Top- managers are already 

of which will be losihg 4 j 0OO to ajaumin^ that' the* 7)000 figure 
5,000 irain crew -jote as a re^- 'wia have to JJbw tp 10,000 and 
suit -of .the -six smm- ptoduc-'. about half the 

Ihrity.item^’ s-: • - ' -total' are over 50 

'The . shn : (see -graph) ® ^ - years old 'win' heTp.-British Rail 
iniprovw' productivify', three .to.’ to*' 'operate-:^ ^uiitaiy' i^un- 
fouf times taster between 1980 ' dstti &7 9!he^"-Rut. this would 
ud -19S. than -was achieved per.' p^-e^sdtare '-Iheayy-'-rodiiiidancy 
tween j^5, and 1980-J] '..-paynients,;' so - cceating . further 

Alongade .^e5e''p3Pauetivityr.^qjdxM^ - 

targetk British..; Sail' ^ '~l%e ' AMnaseutest w6^ .be 

Iarge«e^:: - -electrificatibi) in - 1 -^to. f ' cU investment 

vestiheht pro^amme which' £250nr 'td £275m a 
Goveri^ent istorcins it year'.uhtS 19841.' although it 

on a 'proj^^y^prQjects.; 1 jasis^r~ciMfid-?i 7 robahb’^ at the expense 
An£borzeat^ 'ba» ■^ gw^ giverf f 0 ^ vdown its 

tor . Bast- Anglian -eleCTrifiekti<m-:.fradc:'.m 
wbi(A is-'exp0eted''tq-.eain an':18. 'trim:' its-'- pmdiaslng''''pla'ns for 
per cent rate of ^.tertun- - < 2 ie^ 'pass«vger.'c and new 
-triien compared iwitb the can of . -ioc(Hnoti^v-jeach-'of ' which are 
renewing - existing^ - ^esei .'iiiQiung 
traetioa'fll'p»:cefit.'.has*been-> --6D' the 'dther aod-.ft would 
estimate for ,lhe.,. wiMe' pw heed im>ro funds for redundancy 
gramnib):: ' . jr' .'v. ' ' ■ ^pajqneotsl -Kit we» to assent 

' Detail^ Costmgs'.'K-fon-. the’.-.'.a -iiri ..^ . 'its' requirements. 
Kin^Gress m^n--li»'q) Leeds Rail wbold - adso. throw 

-are. ■iww''{Mittg ...'fisaUtod'-uid- a^ £l50m- a year for 
should with the Goverement commuter and airport 
in abmit ten day& A . gordheait ^rvi^s^ . plus '. trading 

for this Bast Coast work; would : losses 'Of £33m estimated for 
have'bera a usefol hu^et for 1981 and £44m accumulated 
toeCham^Uorofthe Bxdiieqher- frmn 1980, in adcHtioii to the 
to inchide in his Budget speqeh costs of the strtices. 
next' ttmn&-:emce .the: Sp'lhere wUl be seme tough 
sector^:is pre^ng. foT^-cvdei^rb^^ihlng:^ .strikes 

from ,swdi major t^lic pro-” are over. It; is clear that the 
jeccs. But approval may now be Goverament-wiH want to make 
delayed vmtil July.. . -; sure That something is gained 

The ' position on and. froartiS expense of Asiefs 

other detailed electrification: actions. ■ 
rostings is affected .by , tiie iin-. . But .the' prodnetivity battle 
pact of ..traffic' lost as 'a 'result wtil.on^ have -just, begun and 
of tiie strike, ' Oo^ 'lines with - H W|ill hard for British 

rate of return well -above. 11 per Rail.; -facing toe prpiipect of 
cent . average such.. months of negotiations on the 

Anglish— can be assum^ to be. rest of the six-point programme, 
safe. . . ' . ; ',to produce cMMierete evidence of 

'Hie’ freight 'busmess^.h^' Inst- impeoyements. -'ViHiat is clear is 
more than £20is EevenUe so far that. '^e. ;Government will not 
during the stili»..(part of iet it off the hook. So the cur- 
overall £60m liosses). It how-, rent strikes of are really only 
^ms likely . to loise - another. *:the .opening shots in a long 
£80m. Orders, for tfie rest of battle for toe fnture of Britain's 
the. year, including £20m with., railways. 


Men & Matters 


Home and away 

Retiring as chairman o( Little- 
woods. the pools, mail order and 
.stores group which he founded 
58 yean ago. octogenarian Sir 
John Moores has promised its 
staff that his " interest in the 
business and enthusiasm for its 
continued growth will con- 
tinue." 

To prove the point. Sir John, 
86, is retaining his office in the 
Littlewoods empire and will re- 
main a member of the board. 
Though this is not the first time 
(hat Gverton Football Club's 
biggest shareholder has retired 
from the helm of his family- 
owned company, he is adantant 
now that he will not pilot it 
again. 

Sir John's career began in 
1913 when he joined Com- 
mercial Cable, now part of STC, 
n.s a junior telegraph operator. 
Eleven years later, as a .spare- 
time bii.sin&<H;. he and two part- 
ners started a football pool. 

The name Littlew-oods was 
chosen because all three were 
employees of the cable com- 
pany and wished 10 keep their 
moonlighting secreL Ltrtlewood 


Wtis the original family name of 
one of the parCnens. both of 
whom soon withdrew- when the 
venture lost money. But Sir 
.)ohn persevered and after three 
years was able to give up tele- 
graphy. 

In 1977. Sir John handed over 
the chairmanship to his .second 
son. Peter, but returned three 
years later. Peter, still on the 
Littlewoods board, became a 
director of Singer and Fried- 
lander, the merchant bank, in 
1973, while the elder son. John 
Moores Jr. farms In Lancashire 
and North 'Vorkshire. 

Taking over as non-executive 
chairman U John Clement, 
chairman of Unigate, who }»$ 
been a non-executive director of 
Littlewoods- since late last year. 
(The first ottrside director. 
Michael Julien. finance director 
of BICC. was appointed In 
September.) 

IVould there be further hoard 
appointments from outfHde the 
family? Declining to comment, 

Clement said be saw his role as 
•‘trying to bridge the gap 
between the family and the 
full-time execuiives." 



^iAKEK L 
9 new It 
'ASQcavf ^ 


“Somehow 1 can't se« Sir 
Freddie advertising rx TINT 
»FLT ME2” 


Court line 

Sir Freddie Laker* fall may 
well have given a severe knock 
to the legal stand being taken 
again^ the Association of 
British Travel Agents by that 
lanky defender of British con- 
sumer interests Gordon Borrie. 

The director general of Fair 
Trading has been edging ABTA 
towards the Restrictive Practices 
Court for some time now. 
suggesting that its rules were 
against the public interest. 

Lawyer Michael Elton, the 
travel agents’ niftily-dressed 
leader, has argued that the rules 
—-which say that i^TA 
members can only trade in 
package tours with other mem- 
bers — are to the public benefit. 
A condition of membership is 
the now imch-discussed land- 
ing and cross-insurance to pro- 
vide rescue schemes. 

But ABTA's case was besin- 
ning to- look a bit thin 
—until toe Laker collapse. Now 


Elton will be able to appear 
before the Court and ask what 
might have happened to Laker's 
clients but for ABTA's rules. 
The money would have been 
there for reimbursement and 
rescue of passengers. But, 
without .ABTA’s mutual help 
scheme, who would have found 
the aircraft and organised the 
task? 

If the ABTA's safety net had 
not rescued Laker's stranded 
passengers, Sir Freddie, too, 
might not have emerged from 
the affair quite so heroicaily. 


Cash carillon 

No joyful peal of bells at West: 
minster yesterday for British 
Teiecom's £140m half-year pro- 
fits. 

Instead Sir Patrick Wall, Tory 
MP for the aptly-named Haltem- 
price. was preparing to lead a 
protest campaign against the 
increase in BT's c^ges for 
the division bells fitted in some 
MPs* homes to summon them to 
late-night votes at the . Com- 
mons. 

The bells in 'Wall's Westmin- 
ster Gardens house cost less 
than £40 a year in 1979. After 
three .successive ri.ses, the 
rental this vear will be nearly 
£133. 

British Telecom admits it 
seems a bit steep. "But the 
facility was severely undei> 
priced before." 

Commons Leader Francis 
Pym will be warned, however, 
that if things go on' like tills,, 
the whips may have-to stand in 
Palace Yard and whistie .for 
their votes. 


Base matter . 

The most difficult question 
Sidney Procter, the new chief 
executive of toe Royal Bank 
of Scotland group, had to field 
at yesterday's twin Press con- 
ferences in Edinburgh and 
London, was where was be going 
tn live? 

Given the outcry the Scots 
made last .vear when it looked 
as if the Royal Bank group was 


going to be taken over either, 
by Standard Chattered or Hon^ , 
kong and Shanghm, any Lndi- 1 
cation that the centre of gravity J 
of the group was slipping down, 
to London had to be torpedoed, 
quickly. 

The Lancashire-bom Procter 
tried to smooth the Scots feel- 
ings by pointing out that he .was 
already looking for a house in 
Edinburgh. But the- suspicions 
still remain. 

BUI Dacombe, who is gjving 
up his job as assistant chief 
executive of Williams & Glyn's 
to devote himself -full-time to 
group planning and develop- 
ment, will live in London, and 
this will be the -home of (he 
group's new high-powered plan- 
ning team plus the group 
accountant's office. 

Technically, the group’s head- 
quarters will be in Scotland but 
most of the staff will be in Lon- 
don and the Scots suspect that 
when the dust settles London 
will be the centre of the action. 

The other key issue left un- 
answered yesterday Was the suc- 
cession question. Sir Michael 
Uerries said he would like a suCp 
cessor for the chairman's job 
to be picked within the next 
three ■ years. ITie 57-y8ar-oId 
Procter bas only . the same 
period to make his mark on the 
group. 

This is hardly long enough to 
get to grips with the major- 
problem of iotegmtiiig the two 
banks — which paints , to the 
need for an injection, of outside 
talent 


Out of sight . . . 

With an eye to the moral 
majority market, a California 
eiectronios company. Censor-, 
view, plans to launch a new TV 
attachment: a $150 miCFOcoffi- 
puter which can be progranuned- 
for up to a week to Mock toe 
reception of any broadcasts 
deemed unsuitable for:, toe diiJ- 
dren. ‘ 

Remember the good old days 
when parents could simply say 
“nor? • 


IS no 




Observer 








: >.^;:;i»' v.Sii ': :,^ ^s-i *«»!:3S^ 




'* - » 


•a i>: 






vA*- 




> *.*’•' _OlS» 


High Quality Office Suites. 

2^9 square feet-1 2^1 0 square feet 

5th floor 3,245 square feet 

Srdfloor 331 6 square feet 

2nd floor 2,029 square feet 

1st floor 3,620 square feet 

TOTAL 12210 square feet 


Self-contained prominent headquarters 
bunding providing a total of 87,1 80 squarelMi 


Of offices. Close to underground and 
jnainfinestetfons. 


QuecnsHouse 
Queen St. EC4 


Wears urgently seeking po behalf of dlenis^ 


- S(M)00 ?- 60,000 square feet 

ECS Close to Lloyda Self-contain^ bidding. 
PreferabbraiFconditioned. 

Occtqselkm iramecBatelo 18nk)nth& 

3(M)00- 5p,000sqnare feet 
Noilhem and Eastern City frkiges. • 

contained bididing. 
OocupafionirnnieciiatetolSmoriths. 

8^000- I2,bo0squareiieet' 

EC2, BOS and EC4^3ood qua&ty, single floor, 
1 x)ssession by summer *82. 

S^OOCMOi^bOO squm feet 
Bankhigsector.tu'ghquaBly.sInglefloor -• 
prefeiied i»it wiDconsider sei^co^ta^ 
tHi3cfing.imine(fiate possessloii. 


Refurbished office building close to the Bankof 
England. 6,270 square feet TO LCT 


This property is located close to Aldwych and 
comprises approximatefy 3300 square feet on 


two floors. 


1st floor 

Lower Ground floor 
TOTAL 


S12 New Bridge St 
London EC4 


1332 square feetofredecorated offices on the 6th 
floor of this building which is located a few minutes 
walkfrom Uoyds of London. 

AVAILABLETO LET IRMEDUTEiy 


Newak'-conditloned office bundingdf 
23300 square feet prow'dlngfirstclass 
accoromodaflonwithcarpaddEig. 


17, OOpsquarefeet Singlefloor. 
Rental 5S6.00 persquara foot approx. 
Lease to be assigned at nil premium. 


Office rents: wide 

range of growth rates H 


The SonUi Bank: slow 
progress on development • HI 


City frlngee: rents up 
by a third HI 

the Banks: dominating fbe 

the office market IV 

Mansion House Sgnare: 
reeved scheane under fire IV 

Holboni: development 
and rents depressed V 

ReUdling: good trade 
despite the pressures V 

The midems: life ip 

the Square Mile VI 

Anhiteetiire: tite truth 
^out 1960s building VI 

Development: looking 

hesrond the recession YEH 

Profile: Finsbuiy Court 

Kefnriiishment: increasin^y 
useful option VUE 

Pnffile: TAdlever House 

Map of GUy devdc^pments VH 


gowxewts 


Introdnietion: concentrating 
on the potential n 


Tlie recession has brou^t a reduction in the take-up of floorspace, 
yet. one of the world’s most important single markets remains in relatively good health, 
f has been buoyed up by the banks, British and international, which have proved ready 
customers for prime office space. An overall surplus of available space has been reflected 
m rents' but there is a continuing demand for accommodation in new developments. 










Financii Times Tebruaij 12. 19^ " 


CITY OF LONDON PROPEatTY n 




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LtSfS' 

i-. - ^ •*-«« jk;:. 

Vi«o oj the City firm Waterloo Bridge. A' surplus of space auailoble is eipecfed to characterise tte rnarhet this year 

Market in relatively good health 






IBB 5IABKBT FOR property 
in the Citj' of London , un- 
ouestiona'bly has known bettw 
times, though its present diffi- 
culties seem coanparativrty 
sli'^ht when set against the 
tra'ujnas brought on by previous 
recessions. ^ _ 

During 1931. demand for 
of&ee acccraaodation in the 
City fell hade maifcedly, rents 
seneraliy failed to keeip pace 
^th inflation and the surplus 
of available space loept on 

^^•Se’ net effect has been ad^ 
appointing period m. -^ch 
siSi words as “ stabilisation 
and “plateau” have again 
been coinsc. while th^_ whose 
own futures are tied to the 
health of the City maiteet ^ 
for to concentrate more on the 
potential whidi lies ahead 
rather tha non what may oe 
haKrening now. , , 

But despite the .setbariss, we 
of tiK world’s single most im- 
portant maricets 
^ativelr good health aw 
^ows few signs of the 
nesses v."hieh could suggesi that 
something much more serious is 
on the ’.ray. . 

Tnere 3 s an edement oE sur- 
prise In some quarters feat, so 
far at least, conditions h^ve not 
deteriorated further. After all. 
the City is dependent ort the 
International business^ >o^ 
munity 21s it is on the 
economy and, on the haas that 
both have been having a rongh 




time, some observers expected 
'worse by now. 

The failure of anytbmg more 
serious to materialise is part 
a tribute to the Cit>’s continu- 
ing international standing and 
in part a response • to the 
absence of a space oversupply 
of the dimensions which in the 
past has provoked a crisis. 

The recession inevitably 
meant .a reduction in the take- 
up of City floorspace — it fell by 
about 18 per cent in 1981 to 
2.3m sq ft last year, according 
to Richard Ellis. But although 
the total also represented a M 
per cent reduction on the 1977- 
1978 peak of 3.7m sq ft. it 
remained 'well above the L4m 
sq ft awwngi figure achieved in 
1974 and 1975. 

At the same time, a substan- 
tial amount of space was 
brought on to the City office 
market during the year, with 
new supply reaching about 3.3m 
sq ft against 3.7m sq ft in 1980. 
The resulting surplus of about 
Im sq ft, more in evidence for 
office uni'ts of over 10,000 sq ft 
and mainly affecting areas out- 
side the central banking-insur- 
ance locations, represented a 
repeat of the 1980 pattern. 

According to most realistic 
City agents, a surplus will con- 
tinue to characterise the City 
market throughout 1982, 
although it should be halved 
from the 198&S1 levels, with 
the market returning to balance 
by 1983. Smaller units are 


BY MICHAEL CASSELL 


expected to remain the centre 
of attraction. 

A notable feautre of the 
letting market during 1981 was 
the continuing demand for 
accommodation in new develop- 
ments, accounting for almost 
40 per cent of all take-up in 
the year and representing a 
considerably higher percentage 
tiian in previous recessions, 
when business confidence in the 
financial sector was badly hit. 


. i V 

j ■ ' 






I 


s 








.MAMirU 


Enthuaasm 

This time, however, tlie' 
financial sector has continued to 
take up large numbers of prime 
units and the banks' role in 
underpinning the City market 
has rarelv been more clearly 
illustrated Both the UK and 
international banks have proved 
themselves ready customers for 
prime office space and there are 
no signs that their enthusiasm 
for snapping up additional 
accommodation is waning. 

The overall surplus of space 
available has been directly 
reflected dn rental levels over 
the past year. The pattern of 
rental growth has been more 
mixed than usual hut the 
general view is that average 
rental values managed to creep 
up by something less than 10 
per cent during 1981. 

Not surprisingly, the highest 
Increases were achieved In the 
City’s Inner core, where space 
shortages remain to highlight 


the. continuing difficulties of 
providing new accommodation. 

But although top rents for best- 
located, prime buildings may 
even have achieved something 
nearer a 15 per cent increase, 
some City accommodation has 
recorded growth rates of 5 per 
cent or less. 

According to Chris Peafcock of 
Jones I'STig *Wootton, top rents 
for ' prime, best-located office 
floorspace have now reached 
about £27 a sq ft Between 
£23-^6 a sq ft is now the norm 
for central, air-conditiooed 
accommodation and there is an 
added nremium in special situa- 
- tions. Small banking hall units 
have already breached the £30 
a-sq ft mark. 

“The. past 12 months have 
been e.vtremely lupredictable. 
Some . properties 1 thought 
would let quickly have stuck 
fast while others I imagined 
would not let, have found 
tenants. Bearing in mind the 
general financial climalc, how- 
ever. I think the City market 
has proved itself remarkably 
resilient and basically very 
strong. 

" Rents have continued to 
move ahead, though at a much 
slower rale than in the past and 
new records for prime have 
been achieved. The big question 
now is what happens next? 
There is without doubt a la^nt 
demand for acoammodation 
which has not yet surfaced and 










4 Peans Court, 
lx)iidotiK4* ; 
3,275-10,575 sq.fc( 

^ Refiirbidaed. 













rjgfe 




26Ei«I,urj-&j,( 

77, 000 sq. ft. 
a/c 

bui/ ding , 


Jf;; W. -i ^4 


''fWH 


3, 












no one really knows how the 
market 'will develop over the 
bomiBg mernths. 

“ Usually, it is fairly clear to 
see ahead but this time we are 
waiting for a pattern to 
emeige,” Mr Peacock said. 

“It is worth' remembering 
that Ihe balance between supply 
and demand is fairly marginal 
amt a »n»«ii increase in denumd 
can radically alter the picture." 

The same view is expressed 
by Tony Wollaston at Healey 
and Baker: “The market is oa 
a knife edge and, if fee rece& 
Sion ends, it could leap ^ead. 
••According to Clive Arding at 
Richard Ellis: “The City max^ 
ket has been a stable one for 
fee past 18 zhosfes but if vire 
now begin to get clear si^ 
feat fee recession is ovtf, then 
office occupiers can be expected 
to respond quickly. Confidence 
is the key word and there could 
quite easily be a baad'wagon 
effert once a few majm: tenants 
are seen to go ahead wife 
decisions 'which have been hang- 
ing fire. 

But even if fee ^cbire fa^ 
to improve in fee months 
ahead, I do not believe a con- 
tinuing recession would do 
much harm to the City centre.” 

However, Mr Arding is not 
alone in expressing fesais about 
the state of fee so-called fringe 
office markets whSch sumHind 
fee most central locations and 
vfeere much of .the latest pib^e 

new developmentt is ta king 
or is planned. He admits 
to a "degree of concern" 
about prospects for properties 
in fee fringe areas but 
emphasises feat fecy should 
benefit from any post-recession 
increaw in demand because of 
continuing sJwrtages of more 
centrally-located 'space. . ' 

According to Thomlinson 
at Knight E^nnk and Rutley: 
“I believe the City market is 
basical^ in for a repeat of 1981 
but fee fringes mi^t begin to 
fed fee real pinch. Smne 
schemes are already filing it 
very difficult to attract interest 
and people are wmting to see 
what happens to asking rents in 
the fringes, some of whidi may 
wdl be unrealistic in present 
marketing conditions." 

Uacertaintie? 

One “ off-pitch " location 
which docs seem to have per- 
formed well, however, is the 
I Eastcheap - BlUin^gate area,' 
where lettings have been 
encouraging and rents have pei^ 
formed well. 

De^ite the immediate un- 
certainties alwut overall 
.prospects for the City property 
. market, some trends are 
alreadv reasonably clear. 

Tfae suppiy of all space likely 
to come on to the market for 
letting is unlikely to fail much 
below the I9S1 level and about 
one-third of it will comprise 
new developments. 

A little over Im sq ft of 
speculative City office floor- 
^ace is due to he completed in 
1982, with about one-third of 
it already pre-let Of fee 
remaining space, about 250,000 
sq ft is openly available for 
letting, leaving about 550,000 

i sq ft still to be maiketed in the 
near future. 

In addition, space in a 
number of other schemes which 
are due for completion in 1983 
and 1984 should soon be coming 
|j on to the open market before 
this year is over. 

The optimists believe that 
against this supply backdrop, 
total take-up of new and exist- 
ing floorspace should begin to 
edge upwards from the 1981 
level and readi between 2im 
sq ft and 2Jm sq ft Those less 

I certain that fee worst is over 
would argue feat ^ 1981 
figure of 2.3m sq ft would be 
no mean achievement 
Richard Ellis believes that 
1982 will hold few surprises and 
feat across-the-board rental in- 
creases will be in the regkm of 
7-10 per cent, wtth a further 
wldenlog In rental p^ormance 
between central area p(roperties 
and fee remasuider of the City, 
market 

On a longtf-tenn basis there 
seem few doubts about fee conr 
timring ability of fee Square 
Mile (wife its increaan^y 
flexible boundaries) to continue 
to provide a siffe bet for fee 
office ocenpier and fee real 
estate investor. . . . es- 

periences of fee last 18 months 
9 may have served as a timely re- 
B mild er of fee City property 
9 market’s Tulnerahili:^ but they 
9 would also appeal to have pro- 
f vided an excellent -test for Its 
firm foundations. 



Wffw. Taylor. 

r le 






,• ■ .'.r*'r /•'f. 




THE \7EAKENING demand for r 
office accommodation .^and the r 
resulting surplus oi C2ty floor- p 
space has continued to have an r 
inevitfely depressing impact on a 

rental growth. * 

But although even -the City t 
has not been able to . escai» d 
the impact of fee recession, it r 
is fair to suggest that, so far, it f 
has managed . to outperform- i 
most other office markets when ^ 
it comes to rentals. 1 

During 1981, office rents m c 

the City rose .by between T and * 
10 per cent against 10 per cent - 1 
in 1980. although such bland e 
averages disguise a wide range 3 
of indlvldaal growth rates. One " 
of fee major features of the 
office market in fee City of Lon- * 
don over fee last year has been i 
that wide variation in req;>ec‘ 1 
live performances, a trend < 
which shows every sign of . con- 1 
tinuing in 1982. 1 

The highest rental increases < 
in the City were achieved in i 
the central banking and insur- ■ 
ance areas where restrictions on 1 
development and apparently ^ 
insatiable demand have con- 
spired to maintain a feortage of 
space. In fels sectrar of . fee 
market average rises appear to j 
have been closer to 10 per cent, , 
wife rents for -fee -best located, j 
prime buildhigs rising by as ; 
much as 15 per cent, depending . 
on fee individual eixeum- ^ 
stances. 

According to Chris Peacock , 
at Jones Lang Wootton, the . 
shortage of top quality, cen- 
trally located space is as severe 1 
as ever, despite the overall 
weakening of fee market ."To 1 
mv knowledge there is -sot one ' 
sin^e upper floor, in .excess of ' 
5.000 sq ft in a mod^ tower 
block actually on fee central 
maritet" 

Demand from fee foreign 
hap V s for bofe offices and 
hanM n g tmti apace faas con- 
-tinued to . increase,, especially 
for fee best buildings on the 
best sites an& together with 
fee UK banks and the insurance 
sector, have -helped underpin 
the inner core. - ■ 

Agwts siufe as 'Dnui and 
Wii^ say the demand from 
foreign -banks for res^e^nta- 
tive- offices shows'. Ao' signs of 
abating and they am under 
instructiODS to find more.^tace. 
They belief 'feat ients, xkw 
approaifelng £30 a sq .ft, are . 
lik^ to continue to . increase 
this year and reporf that one 
letting In excess of £50 a b] ft 
has aZtoady been' .achieved for 
■T ^HifibiH p h^ space -close to' fee . 
Bank En^and. • 

But fee pattern 'taas been 
very mixed and, in 'emtirast,- 
values In fee-'Gity 'area to the 
• west of St Paid 'a 'Cathedral 
appear to have risen by only '51 
per -cent is a market with ', 
greater supply.. According to- 
Richard EUis, fee loiwest.C^ty 


remal nwfe-wasTjseeh.toAae: fee-w 

north-east' fringe 'where ^ sur-.s a:Sq-£L (akM.d^rlU|ea^ed: in 
phis availability generaBi Tmpt .few festaircesy 
tocreases from rismg above an -tonU»oyay. ; restfaiy .on t 
average 2 per cent. -> 

For prime,. howevex,-:fe4.p.i<!’' 
ture-cSim have 

?Li™d to be^imd-JS7 a ^ 

ft for office space (fee njmoilr^‘., abfe.'tU^ Wjatii .flne- to comC 
level achtorod to- fee^Jfeototixi^'Off to/.t^ conung: 


area.' can tujw ., 

a sq ft without too mnife'difil-.-. g^ 

cufj; a level achleved:durtog rents ^ fee rew^ 

1981 at 80. Cannon. Street, by ably, by- led ).® 

Trafalear House inttrest' around fee City%;CdgM 

So wife prime; CSty rrots now'-wHfe 
broadly falling within .the >£23^ the 

£27 a so ft ranee, itisnolonger'.- 'The. future ;--stiengfe;;pE tim 

true to say -.feey have failed to 
catch up, in cash tfinn5, wife 

fee rental levels prevailing .at...abih^ to.^offer a se^ itf 

tbe time of fee last ^ak to fee modatSqn m^ 

early. 1970s. They are now com- central an^ are ^ 

fortibly past thaf POtaC' 

although on toflation^adjusted. aWtougii' ■ feat 

terms they still have a l«ig -reptos^:*?^ 

. i._ .. ^ ~ 1 - .. -a jmjA ]-rfie 


way to. go. 




p tovsm t'extateme o£.^^;lar^ 
tra^ :bC 'av;aHiditoj.ifloqEi^^ ' is 
moatoVlikej^ .;to:.\-CtmsC^te . a 


bsSj fte 

Of inflation and neither are they of > new-^-fringe 

1982, but .their longer-tem thwe' is ' a 'fairly.' widespread 
rec^ lemains .'feat -win 

postAw yearv the. groifrth rate ' 

stuck- out its coBectiye neck and : 

suggested that given .thfr^mofe- being 

balanced maiket'. trf the eaiJy ^ -the 

1980s,' top rents in the banking heen 

and ^nlda^^ 


pro- 
Stretfe.out. 
I^aepck: 


Ifui.u. -iwu, . 


to rents of 
1985. 

With £27 g; sq ft .estabBshed cem coo . 

and tteee -years -ur^'to-M- can.. hu 

that sort- grd^..'b^ ex- rmfi 

peried?^The-ahsweT,'accordto^ 
to Richard .Veiy .4fc. % 

finite yes. In the 'worite n£ CKve Sfettoes _ 

Arding, ^-of ElHsT City '<«Bce: 

“We ^ on target for oar 
original £Q^eqsBt;^'ae■ve^j•.best•..^»toto'^^ 
space - Iias..riii .fee <Jast yeto: -. .fpr,aiBr.i*}«r©^ 

001001101100 


continuation : ;of> “lOMfe 

would’ take? iis past-thb — ~ 
sq-ft xnaTk.by.lS^J’^ ' 

' Fbr the (fflireiU:- ^ 
.EjHs'.efeef^'n-'nea^ 
fee 

City reuGP risih& liff ‘.bafeM 
7 ptor nad.,ilQ ^ 
wife '.fee • * 

tween'ifee besft prqpgiriy un 
'remainder; fee - prfacet 
ttou^ fe-Vi^dett; 

.tocreases '^dt^ 
again be recorded 
area:- -particularly foS: 
cpndtiohed^Qi^.;^' fef- 
;prefezftd-.ii^tii}ns;-^'-:T^j!^M(3ffii^^^ 
•may . well - nfovei'^-upwanfe^. ‘ 
around 'D&lfi.Sper ceiit,.alfenigh 





% Febni^ 12 1982 

CITY OF LONDON PROPERTY ffl 


pevdoj^rs and planners are just beginning to find common ground, as Ray Maughan reports 






South Bank: redevelopment 
^iing very slow progress 







^ MWrtar. 


Af' 'fliA ftolUAii wTw i» uu AiDisi«r. in April 1980. The deveJc^anent 

S»^ - 5?!**“, “ retumvior ISie nght Upstream, Mr Heseffine has coanpany is a partnership of the 
&S! and retain a 21-Storey set up an ascihUectural com- fast-moSii^ Gr^oS^tatanM, 

?_ centre of ii» petition to decide the shape and Commerdai Propesiies and Sir 

■ composition of a development Robert UeiUphie and Sons 

,r 7 ^°^ ■ The totaaiwojett was designed ^2 acres on the sonlhem (Trade Investments). C*reyeoet 
to. provide a net L5mw ft n^e of VanshaH Bridge. The Estates calculates its 50 per cent 
j . y^i. of co nHngy j^aa • awmaiVind^ ti^ Site hos been pot togetiier on share of the likeb acquisition 

*d.000 SQ ff of liAt indnstiiil behalf of Kuwaiti investors cost should not exceed £950,000. 
58,000 sq ft of shOK^ring. ^foufib Ar^ridge, a pnijjwt yet the detd made with the 

^ 2© booses, three acres of J^Mgemeat ampany &aded bitterly opposed by the 

a riverside widkw&y Jj “** 5* Lalwur*^ OppStsS 

;^6re li(it along the length of the sate and value <rf CQ isdndes the conditiflsi that tdan- 

facsUties to the ooondi’s SrSSi®^^ ** estunaled at peimission is obtained for a 


*** m w upstream, air uesenme nas coaipany js a panZMsTSOm OS toe 

fa flcv^p and retain a 21-stoirey set up an aschltectural ««&• fast-siQ;ring Greycoat 'Estates, 

UC ox Qm AlVer ' ofoce blnelr tn tha muhHw aV •Hm .1 j n>_ 




siSo» 



0FFICE5T08ELET 

mJOBELETOFR> 

OmCESTOBELET 

BELETDFFICE5T0 


Canberra House 
Maltravers Street WC2 

Third, fourth and sixth floors 
7,030/14,060/21,090 sq ft approx 

Air-conditioned offices 
excellently fitted out 

To be let 


.Vidtf^'^Slanhiiig rocks. ^ Associated Fisheries. Other out t*rey<^t unnmeraai taces 

dS^' Of the' components of the scheme in- stiff appo^tioa. Fust, the poild- 

•ti^ewSSS^to toterioiS' ^ at fae back of Jamaica the 5oere “Efira” site, cri balance at County Hall has 

- ''KiiVi fh»TO ar» famtAtiva eime Mined aftsr thc Arab company changed smee the site was 

^ ^ tte intemdii- vdiich owns it, a^theSeen acquired and the Labour admin- 

• ^ ?®“i ^ a Si-aiae pwiect for istration is hackiag alternative 

.:rtintewe?rrid ■ . Stteet - Michael HSdtine, the SeaS miSJ ^ Tlie alternative oi^sihon is 

. ;.*we|op^em. remains as lodced tary of State Sr the Environ- “ ^ codesced into the Associauon 

^er bi-lhe.conffi ment, finally reversed the . i of Waterloo Groups, r^rreent- 

. --^l^te and local interests, inspectort de^on and gave CODpoIS _ ^2!If#Le'^!SA2i«lSSJ 


The alternative opposition is 
coalesced into the Association 
of Waterloo Groups, represent- 
ing no fevrer than 31 local 


; tiro other ^emes along the ■ St Ma^’s tiie go-ahead to Environment Minister t ll ^ O’CIT^ 

Sqnai Banlc are. beginning to develop a little under half its intends to lay before Parliament wXL/Sw LXXw fikCLU 

■make some progress. Coinci- proposed scheme. a special development order 0*^lr 

deatxUy. both projects are St Martin’s is now able to which would short-drenit the SHvf ffISiSSr 

backed by Euwdti oil revenues, buUd 738,000 sq ft of office normal planning controls and “* THE ECONOMICS of siting pro- “ We’re a tough authority but 

. space, following last month’s aUow the Vauriiall scheme to go ^ ^ v perly on the fringes of the City fair.** says Adrian Stungo, 


London*s Docklands, which Ue below Tower Bridge, 
are set for large-scale transformation in the n^ 
fetp years. The plan represents one of the biggest 
co-ordinated redevelopment schemes contemplated 
m Europe 

Fringe rents 
close the gap 


n 


Debenham Tewson 
&Chinnocks 

J 

Chartered Surveyors 

Bancroft House , Paternoster-Square 

London EC4P4ET.- ; . 

01-2361520 


Frogres 


approval, and 84,300 sq *ft for ahead. 


•?*- AGW is support^ by a tended to blur a liMe in director of develop- 


t V'" : St Martins PMpeitr Corp^ fae long^ roimiiig recent years. Rents are stiU ment *“Unlike many of our 

- lion has made thenSt obvtoS Ibe devd^^ enqulnes, or series of euqm^ Si ?^SS£l than for prime, counterparts dotted around the 

^ I j? V pn^ss. A subsiffiary of the PS** central City sites but the dif- centre of London we actmOly 

i*:- « is peraatted site at Waterloo, adjoining the hel^ttould be thrown .^und fe^ntjal between inner and welcome developers." 

I. : .K- to start buading will approach National Theatre. A second central London s reaidential retaes^ nS Faced iSS^adSatic dedine 

pnblic enqui^ started last J?® rowed— at a time when outer in’ rates income tiiroughout tiie 


limdtmbasedizfvestmentarm'of Sqq^ 

.+Ka. ipi.«.ik VW.UW sq IL 


4 -1 th« irmniti STvaiiAA^ ..,f. «w,u«w It, tiuuui: eu4iuijr auifteu last rowed— at a time when outer in rates income throughout tne 

^;:'MK«3S gj^ga ss a "gr-.'is.rsfa. swjats'ssa 


.6/8 Clements Lane EC4 

6,670 sq-ft approx 

Air-conditioned refurbished 
banking building in the heart of 
the City of London 


Tobeiet 

-Bri^ - ^ higihr«^re OT the east side fa<^tiM and 30,000 sq ft of in- locations over the ten years, results are now paying comfort- 

^ : of London Bridge has been dustnal space on the site. “® xuuire aemaM lor omce the numbere eaiM heroines able dividends. 

SMBS, appeals be ..Grefflcpatbeuevesae^^^^ ’tta’t authorities 

““opSfoSffi ™ arojakou into .ccoum. ny. to 

brought En^ Pnpertr^ South Book ia ajfo «5m Su^ ap^ 1" ** 

a’SoSef^.SmVftriSSbe’SS ?£'^tS’pSSa gf^S! W'^ah’^SSI 

into the aoS^EPCIa ugrS X Xoue aeooe. at least. Grey- the addition of Coin Street, S“d“4.JST«a^S 

mert was.orurial smee ft London Dockland Development coat GommeFClal h^ a strong he says, would raise tiie gross ^Crg^l n cim pan ^ inmortant Sit of 

a pivotal 2|-acre ste wfthin the CorpomfkHi, are going back to hand. It acquired virtually ^ to 9.to sq ft and development Tower Hamlets ^nnine policy 

project Tie ^ri.steiick that fte .drawing board to discuss land required for the project on aH projects would add about Je^^ble ^dfnS ba^iiM “ AH 1^^^ ^eJSment ^ 

Septcndier between- St. Martins mo^ to that part <rf from tb« Conservative con- 4.7 per cent to the total Central rwent reaSTas ieSSeved 

and^ BPC meanfi that ETC tiie.-«<*eanc rejected by the troOed Greater London Council ) London office stodc. the .City irf London recent j^ars Has been acmeved 



. proper to bold its rates in check not at the expense of the local 
with enviable success. community but for its good,' 

'Yet if the bald economics of says Mr Stunga 
taking up residence on Jhe . 

edge (rf the City no longer lixake i^tlClSin 
company finance directors over- ts criticism of hk»h Tates is 





CmBAfKO 


The 



'A** • *•% t . **.-••* 

v: 

» 

-if >'*>■■’' 


Bank 


iamrobank 

amsterdarTWOtlierclam 



Gaozentiale Vimna 




IB 


Gitf IrrtemaKonal Bonkasc 


BUTUTO MOBHIARE IXAIIANO 


irfiLtug u^J 4 caMieun: uu ^ , 

edge (rf the City no longer lixake i^tlClSin 

rompany finance directors over- Th criticism of rates is 
joyed, tiiey Temain compelling (jne that is constantly being 
enough. And the amount of new levelled at Tower Hamlets, 
constr^on vrorfc both under while not denying that ftwb^e 
way Md sdi^ide^ leaned readily on newcomers 

n^to this stete of affaTC ja past, the Tower Hamlets 
«,2r® wisiest rorner of the authorities are quick . to 

City in terms of new develoi^ emiriuisise tbmr *TiimroTing" 

ratSword. In im. Tower 
wtiere-^v^ed b^een Hamlets levied the second 

p^l Steeet Station and the highest rates London 

River Thames-a narrow cort- boroughs. For last year, the 
dw of London’s mon^ centre borough lad slipped back to 
washes over into the welcoming place. 

™ the.bofoueb of Tower Apm from Oie obvious will- 

<S2T’«,» TiMf vaw si».a« h^ess of the Tower Hamlets 
i^aS ^ n^?» authorilaes to ctniperate, two 
1 ^ 2 ? factors staDd out as a major 

office space las bew buift in (jjjying force bedund the deve- 

Sm^ of the (aty^lastem 
edge: its prorimity to Uoyd’s 
^ 7^ London, the woridls bigg^ 
45® .SS iwurance market, and the ready 

r52mfT^Af^n ^hniS^f avsildiility of potential deve- 
accommodation, built or pro- lonmont rites. 

SS5S develoiwrs moved 

SS5P could add up to around ^ ^udi of the eastern fringe 

tS" a-w+oTM. +T.A was a derelict wasteland of 

To some ertent the proce^ used-car sales plots decay 

?*® fng warebowes. a^g 

for ceirtT^ at®— nottbty activity w® thus minimised, a nd 

from foreign bankere-has the Srnctu^^?1ffSS 

meant that the art of planniiig 
reduce ^ numb® of rites ni^tni»es faced by der^om 

operating in less 

^M“.I»‘’beS'hegS tioosW»t ..ri«u. 


Lloyd’s conDeeftoa is 
JSS enough. The tosuraoce 

^ ^ market is le» than a quarter 

aevexopecs. ndle from Aldgate. the tra- 

ditional outer edge of Ihe City 
w w4®SJ?iS!J Fbran^ustry heavily 

dependent on messei^er se*^ 
2S vices— as is the City ® a whole 

tot spotted the i wte ntiri for nearness of Itovd’s has 

devrij^mg ihe City’s eastern 

Magu» lore was 1969 y*m gTi^idbuM-a^SXXiS 
-^e says became pirin tibrt brdkizig communily »iftwg 

STea^1«Stir&^^ ^ 

'Hie recent spate of meEgers 
® between insurance brokers has 
isA of wwking space. created a need to put several 

■n X • offices under a rij^e roof. The 

aLninnSlESlIl area around the Mmories has 

^ provided just the. right < 9 ipor^ 
After a lo^ ham tinuo^ tonityformaisyinidteretesiieKV> 
the ga min g’ stagCt work began up efficKney by ince- 

in August 1976 on what was to ^flonT^ POTcai m». 

tecoBte kntwn At one time fte lev« of 

H«ise.AedCTelcqan^ thatdBl merger activity in winch ihe UK 
so IPUCB to fire entimsiasni for insurance brokang commuzifty 
to eastern ^e o f the City, bas been involved could have 
Two 3*ter, inramiee been expected to lead to a 

Bimi jDoved^ high degree of deceatraKs^ 
66,000 square frt rf ne w office But current trends suggest that 
^ apjpiroval companies are now less happy 
OM tm set „ _ ^ about moving away from to 
In ^ Latham .Bmse is pm centre of London, 
of ..a 12i acre sate vrtudi waU fte caiatal costs of decen- 
erotually be completed in 1984. tnlisaiiiOTi have been rising 
Foe wlm IS eeseotiaHy a “new *aip(y^ togdy as a resnlTS 
^^^proces has go^ costs. Ro4ridffing has 
through ^^ai pinaag amooifr pwved an ejipensive busineBS in 
ness. Mr Barfield says: “There^ tans of both carii outiafs and 
new b^ a compuls^ pur* ae disaffection of 

oias^ tore’s new been an Motor eceeutlTes who decide 
™ to canaot, after aH. live w«h- 


Enfimsiasiii 





any pkaming refused.' 


Chartered Surveyors 

Weatherall 
Green & Smith aty 




out dose ooDtRct with -to 


■ 24 Aust^Tf^-iarsT^^f^Gn'K : > ' ' ^ - - 

Lordori Leeds; 


Much of the credit fa the ^taL 

wtfli which to mstem this has been good for 

£^u^e5!Sf ^ City* a**d its trto^ TOe 

the tt»® financial capftal is and 

kwfting de^fe economic reees- 
Ipes to to lo^ authority. The steaS^ gg nandfaig tts 

,To^ HamJ^ maMgemeat ftontiere-eSS^Mtams 
I m bf what hStewSa an «cept- 

pp 

Whidl plaawiTVg ppmriggjftti can “T-w. ^ ^ . 

: be gatoed. jefitrey JBrown 


Debenham Tewson 
&Chinnopks 

Chartered Sur.veyors' ' •. 

Bancroft House, Paternoster Square 
■ ' ■L'ohdoh.EC4P4^ ,.,V ’■ ■ . „■' 

01-236 1520 


15/16 America Square ECS 

9,684 sq ft approx. 

Attractive self-contained office 
building 

Lease to be assigned 


Debenham Tewson 
g| S^hinnocks 

Ch^tered Sury^ors ; y 
h® House-: P^ernoster Square' 

' 'London EG4P-*:^,, '’^ 

01-2361520 


Dorset House 
Stamford Street SE1 

89,500 sq ft approx 
40 car parking spaces 

Air-conditioned 

reconstructipn with completion in 
September 1982 

To be let 


Debenham Tewson 
& Chinnocks 

Chartered Surveyors ' - -- ' 

Bancroft House Patemostei Square 

London EC4P 4ET 

01-2361520 


0FRCE5T0BELET 

FIH5T0BELET0R 


Debenham Tewson 
&Chinnocks 

Chartered Surveyors- - 
• Bancroft House , Paternoster Square 
London, EC4P4ET ; ; 2 : - 

01-2361520 






IV 


CITY OF LONDON PROPERTY IV 


Home and foreign banks dominate the 


Financial TinUs Fijui^^ F^ 12 1982 



TEE SAME have become tibe 
b^rfcbooe of vhe -City of Zioodoa 
omce market and more than 
ever deals done by ithe bankiag 
conHDiuiity donttnate tiie scene. 

Xu^cipal reasons can be 
pispoioted for this ever-^hmreas> 
isg es^»ansion Londooi^' 
bankers. 

Over ihe years there has been 
a constanit stre^ of overseas 
banks setting up offices in Lon- 
don. During tbe. last decade 
thnr pfcesence in Lento has 
more than doubled to over 400; 
taking in r^gesertfaWre offices 
asd employmitf by fM^tgn 
banks it has jumped by 160 per 
cent fflid there seems to be » 
let’Up in this trend. 

The olher factor is expanskm 
by dxmestic banks. The lifting 
of fmign exchange conitnds two 
years ago and increa^ng 
competiito in the domestic and 
iirteniational markets by over- 
seas banks which have estab- 
lished themselves in the UK 
have led the British bankers 
into a new phase of ei^anskm. 
'Ibis is particularly evident 'in 
their intemaiticnafl divi^os. 

Among the cleams llidland 
has probably been Ihe most 
active in Ihe Cidy property mar^ 
ket over the last 12 imraiths or 
so. At Ihe end of 1980 it took 
1S5.000 sq ft of office space at 
St lidagmis House near London 
Bridge. And a year xtgo this 
nuncth Midland announced, its 
istezrtnon to take all the space 
being developed by >die ^ec- 
tiicity Supply Nominees at 


v^: 


Watting Court — dose to 80,000 
^ ft at the comer of Cannon 
Street and Bomr Lane. 

The developmeot bad been 
designed as ihree-self'CtKAained 
burldings but Ihe baiffic decided 
it could make use of them 3tL 

In ail. a >tDtail of more than 
280,000 sq ft of City office space 
has been etod to >&e Midl^'s 
acconzmodatiou ttie last year 
. alone. The bank is now on the 
point of moving ioto Watiing 
Court and it bas not 

been m^e totaiily dear what 
Ihos office blodc be used for 
k 1o^ as tf'if. and St Magnus 
House. wHI bouse the bank’s 
expaitding international divi- 
aon. 

Picture 

The Nod Alexander Asso- 
nates* an-nual review of fore^n 
banks in London gives a guide 
to the coutinuing rise of over- 
seas bankers in the City. The 
firm, an associate of property 
agents Noel Alexander and 
Partners, has produced the 
survey for a number of years 
and while they do not claim tiie 
review to be definitive, the 
figures give a very good picture 
of the movement of foreign 
banks in and out of the Ci'^. 

The latest figures ^ow that 
there were 24 additions to the 
foreign bank list last year 
while eight banks left the City. 
Taking the departures first, six 
of the eight were r^nresentative 
offices that were shut down and 
only two. Commercial Bank of 


Malawi and Rainier National 
Bank of the U.S., dosed offices 
with fuU branch status. 

And, of couBe, not all 
closures mean that a bank is no 
longer involved in EiOndon. 
Asulgamations and joint ven- 
tures . pa'D make -offices redun- 
dant because of overlap. ' 

Moreover, closing repieseniap 
tive offices bas little impact on 
the property market A repre- 
sentative office is not allowed to 
cany out banking functu^ts 
and therefore may have only a 
handful of employees a^d 
maybe as little as 2,000 sq ft of 
office space. ^ 

'Hie survey does not oSct any 
real indication of the way list- 
ing overseas banks in the 
are expanding. It does didiw 
that 13 established full brandi 
activities, but Noel Alexander 
does not plot physical expanson 
beyond that stage. For example, 
the &udi International Bank in 
Bidiopsgate has gone up from 
practically nothing to 40,000 
sq ft of office space vdihin six 
years. Probably expansion by 
overseas banks already here is 
mors important to the property 
market than incoming banks. 

One interesting fact to 
emerge from the latest review 
is that the number of forrign 
banks entering Londtm last 
year fell considerably. With 
only 24 banks coming in, the 
figure is 11 down on last year’s 
peak number of new entrants 
and the lowest figure recorded 


FOREIGN BANKS WITtf OFFICES IN LONDON 

-mese iiinireiimate flgims indiote mweimat of tohdgn bante to md <rat of I^mdon, 

on an annual ha ids. 

AiMriesn Europe Jsqianese 'Others Suaunary . 

Total Out In Total Out In ToW Out to TObI Out to 'ftgl Out to 


1974 61 

1975 58 

1978 57 

1977 64 

1978 68 

1979 72 

1980 71 


9 91 

— 90 


15 23 

5 23 


2 97 2 9 23 

.7 103 2 8 24 

5 110 1 $ 28 

6 123 1 14 25 

1 141 3 21 25 

3 148 2 9 25 


2 79 — 6 254 1 3^ 

— 86 2 9 357 . U 1# 

. 103 — 17 280 5 28 

1 Uo 12 306 2:. 28 

— 139 2 16 331. 4 29 

— 137 3 U 356 $.31 

— 147 3 18 384 7 .35 

— 154 5 12 400 8 24 


196981...:. 


13 78 


17 138 


— 16 


15 139 


44 r371 


Source: Nod Alexander Associates. 


giTinft 19 ^ when 14 banks came 
in and 11 left 

Mr Noel de Berry does not 
place too much empbads on this 
apparent downturn. He believes 
that there are possibly as many 
as 60 banks with plans to come 
to London. All they are waiting 
for is the right personnel and 
location and the much-coveted 
Bank of England full hanking 
status. The Bank is unlikely to 
let a flood of new entrants on 
to the scene, so there is perhaps 
two years' “supply" of over< 
seas banks waiting to get in. 

The scope for further inroads 
is amply demonstrated by some 
research carried out by the City 


office of Bernard Thorp& The 
agents were able to pinpoint 
400 overseas banks, not akeady. 
represented in the UK, of soft 
cient size that they xni^t want 
to <q>en an office in London 
eventually. 

The exercise exclu^d theUJS. 
statoorientated hanks which 
confine themselves to dcunestic 
rather tiien istematitKial opeier 
tions. The agents are the first 
to point out that aU 4W are 
not about to come knoddng on 
the door but it is clear tiiat 
there as a very long way to go 
before the growth in overseas 
banks in London peaks. 

Yet there is on^ so mudi 


space wiUiin the "City.; The. 
traditional banlting area -is a 
very small clnster: of .roads 
soound the of Enidand. 

The boimdaiies are rougldy 
London Wail . to the north,.. 
Cannon Street and Eastcheap 
to the sontih, King .Street in the 
east, sad St Mary Axe . in 'the 
east It may be easy enough, 
assuming the willingness to pay 
hi^ xezits^ to some aceom-- 
modation wittnn that most 
prized of districts but for offices 
of substantiM size it is getting 
bardejy and harder. 

Thus slowly the acceptrifie 
banking area is being puded 
outwards: Towards the ea^ -the 


banks are moving more into.4he.; 
traditional insurance. ' maiket . 
area. The southern end;'.;^- 
Bisbopsgate, im exampie, yak.' 
not centered a re^ ^ank^.; 
address 10 ye^ ago,,but na5 
been transformed into.'a i^nme.’ 
banking area now- • ■ 

Westwards the banks. /have. - 
pushed out farther . towards 
St Paul’s, and to fte top end 
of Cbeap^. Btok 
has beKi in Gateway Bouse. 
old 'Wig^oDs .Te^ rbitildin^ 
opposite tins paper’s offiew, for/ 
some years. -Now 

is moving into Watiisg - 

a stone’s throw .away framBa^' 
of America; and 'em- the simtlL. 
side Scandiaanatt Bank antmj^ 
to occopy the dd 
ing. Bmhys has gsae further; 
afield, taiang 96.00 
Fleetway Hons& in' . IlBBiffiaOB- 
Street- • • v 

The acewted banking 

growing-'^Nit slowly-T^d-sg 

there are axeas. : yrtiere, most 
bankers stubbonily- refuse tO:.l|0> 
Eastwards .. and . weStwmds ye^' 
but few piudi nbrtiiward5.::.'!nm 
noilh end of Moorgate. 
example, would, not be - ant- 
sidered a suitable ‘area .by.-:« 
bank South: -of course, /the 
' Thames ptorides'^- -a' .naturd 
l»iTier. ■ 

■ As -the. banking -zeoe- l^ows^ 
fbie rent -differentiai --Wadensi-: 
' Acemding to Itichard-EISs; office 
^>ace in ihe -prizne'.'azea'bf tiie-. 
centre- cuoentiy ' cauiinandS~ 
about £26 to £27 a sq.ft^ rise 
of pmhaps 10 pm* over Ihe 


22 - Spreading out 

.1 

-■ jQ-Qye^am- Sree-^ -B^rg -Street t-ii-; 

• T.ea^BaaU’ Street ar!S>>...-1 
artund;.£Wvt^-i21^ a sq : 

•^?£tqu^. 'hevet^^^digdosed 
llattd’s- i^-'Od;,Waaing Courti^:;:. 
=i'adn]^ftiqffiy:'^sfarii£k .-a^year- 
inm^/w beSeved: 

: " : . : jSv 

tha ‘ Ba^-"'^. 













-a -sq ft lwtmS6:sl» 
.toA4ianB./3]ial6^^^ - 

Qfiiee btodc'in getitog very.nchii:^^^ . 
to .£3flk a'sq ;.|t aiBd‘tt .Ito , 

innch;'- iar it iae- ^ = <a Ihig^.' . ^ 

yetf" ^ud'ffiga^'V^'have.bto^wt>-.'2 
cmhfbrtahly rc&he^Thetto^ 
be sdoie 

ably i i iq pi rcTOr rt a 'jL' pgchotogto^^gf , 
: cotoiiito' 

come-lheheshyaxdstidtc. .- 
< vfediy' copitiQEKae‘1:i^^ ' 

is a 'sh(u:tagb'.bf'>tito.Ti^ 

. t- 

ftorr imoere- .fiodfapace//!B«?v^S. 

cooih-a -ttoto wfm' tiw 
'.banks faato ' 

Joreignbahk^ 

■ fheti, and it Kralp-alox^ wayor^*:: 
4 habattto-wl&rcbi]|liuie..to-a « - 
ttur pace .fotc iffie JEanden oH 9 


• ,t I 










w-m 

#:|:Si?ps 

77: ; 

■ ^7.. 


■'V 






■.wv ' 


I fW'"M 


'a.-'-.. ■ .• 

■■■ '-V*-' 




% 






a 



w 


AsvnthaflifaingscfvaIue,newofiBoesofthis 

prominerxKMthecilYiardYOQmetofe 


vTTB^rr 





Aiixt3rYair-<mlitfooed 

offioebuildingrfoverlCXXXDOa^^ 

■wifhpnvatecarpaikistofeL 

]mmecfiateposses±ai 


DE&JLEVY 


to^eems* qnlto llkeily -tb^ ,i 
- yiVl /reSeet ii^ ' 
PekhqlioT pIani; jiwhldr .hill ' - 
r!:«toen. .fhe.' way -.fW'a/piiiblie ■■ 
i^idiy into the-pn^osalsand' 
.iai peet oh- the^ rTi^ 

- envlrtoimeiih . :■•; 


The height of.ihe pBOpp^. 
office., tewecr. t2ie . reoigaidito' 
tiim «£ toe/locd nebniic 
and: ihe. dfempthML iniireived; 
doi^ de^epraent Well 
MHtate agal^" ' aee^ 
ane&'^iit; 'eqitudly»' tlie sdii^ 
^i^iakeetwUh 
jot . a Sce^iuy : fiw., .flw 
fir^ionment' who^hes^ahown 


IW 

wi 



01-930 1070 


£s&deHb(ise. 130 jemi^Sireei; 

Londati» SW17 4UL 

OkL 01-930 1070 267761 



rw 




13 IBu Street, BerfcelcvSoaate; 
LondoaWlXSDL 

IeL 01-629 72821^ 8955508SlHDTrG 








h-r 


• l 2 • 

^ lA 





. ■ V ' : 


■FiTuBifliaT Frid^ Februaiy 12 -1982 

Cray OT LONDON PROPERTY V 




and rents depressed in Holborn 




. JT WAS fhe^htst.^^ 

' v^.'Oie-vm& if jhha; it W. 

. ^ .iipri^ qj- hope,' U was tHe. 

. , , . mateKfif deig}^. Jn d m^'it ' 

-■ . - “ W»!.H6lbo^ •■ XV. 

■. .< i { *r*^ BCKC&Ofiil jift(9ei1^iiiais> 

T . r'icttjii? fadK a 

depn^a^irdem^ 

:■ . . "• ^^lft'4.saqlrisIsgIar low fe^ aztd' 

cd^eneev into 

l onAitfi:' pieces :to make a 

. to mar*. ■ 

.Jc^'ielisamxs'^ and par^psnts 
' iff.tbe.Uk^ pn^ect of a wiidte- 
: sito^dadfectibn-fRmi.13ie'area' 'of. 

. Hcflibbzii^.'tradltioi^ -'mafimtay, 
■;^'^;Hd^gdi]ng'indnstxT ;. 

' ;Sbq^ ' - 
'•-Assodatedi^ew^kapera and the 
' tbeir 

' jHjjrfJng ^mfes frogi' the Hoi- 
' bom pngportr siadcet. what is 
:mg^eeMr^ te'jost^a difBcvdt • 
;.-7 \ pfta^w& tnaj into a crW^ 

■ . r •: 5s. I .aa-srea“’tfi*t hite seen average 
. smtsL-leyds in the past fonr 
■4 -i •*>. -4. /.ysMisInraease By 50 per cent at 
. -'.vX% -flie -tcp .exid.;(new air-condi- 
3 r**V^a ' timed pramises). and By almost 
. ^ *■■ “ti.vijs8 ..lOO.tBtTioBntjfor^old* pie-war 

• ■ X ' A roiEiy . rate . for new; assv' 
•‘A'S*.:;. coodittoaefd. space . 'Cairaidly 
' -V sCand-at.£lSA6 per sq ft coD> 

• pared wi0i £UNE21 In tbe Weft 

- 4 . End end .£23-£2d to. tSie Gtty. 

-■: ~i '.f Mndaip;. , .;• aaid, refnAiabed 
- pwgeriy/ cfl i niw i B i d s aar average 
^ 'reDtaf£Q£13.persqft3Bdist 
tile Weit End’a £14-£16 and tiie 
square mStels £17-£21. 


ywup" r -r»“ 


•-Xr‘4t5?5. 





Victoria House, in Southampton RoWt is being extensively refurbished by its owners, le Liverpool and 
Victoria FrieruUy Society, to promde modem office suites, adding to the area’s up~to-date off e accommodation 


i offi^ proha"^ because of the smoothly. Lummos, the petro- House site at the junction of ningauiorilies to allow Aange 

- . - « iwsy iwure. M — : .... of US6 sti redevolcpment of the 



‘ has tiood conmiTTnleations wttli 
r tfie xeft of .LpndODt. Ss eastiy 
'■ secsss9>Ie to dbe leadizig retail 
' end financM distrScds aaA has 
an -'-ampie ainoceait. of good 
pTop ei t y ava ilable. 

However, the sSooni lias not 


•mTc 


higher building and running 
costs. Furthermore, there is 
almost certainly a ready market 
for puipos»4niilt small prestige 
accommodation of 700 sq ft up* 
wards.” • - 

In tfironlrjing the mixed fbi> 


been dispelled by one, of the tunes of Holborn, it is unpor^ 
leacBng Holborn and'Oty pro* tant to delineate the area. The 
peily grmzps, Weatherall, '4ireen “^thin si^t of the 1^” deflni- 
and- SmitiL In a profession not' tim is no longer applicable 
Aaiacterised for fis blimt wliKoas the -old borough limits 
realism nor renown fOr its ^ive a rou^ outline. The 


chemical engineers, recently 
decided to decentralise by 
moving to Northampton, leav-- 
ing 122,800 sq ft of office space 
vacant in Fetter I^e. Current 
ashing rent (with an upward 
review due shortly) is £8.50 per 
sq ft and the leraes are hetag 
offered at nil premium. 

Prospects 

The common view held by 


Charing Cross Road and St 
Martin's Lane; 

•Smaller schemes Include 
40,000 sq ft of new office 
accommodation at 6/10 Norwich 
Street (the freehold sold for 
£S.4m and the scheme has been 
pre-let at £16 per sq ft) and a 
refurbishment of 90/94 Fleet 
Street which will yield 10,000 
sq ft of air con<titi6ned • offices 
On sn floors. ' 

Local government has had an 




hu prodiuced 
foreca^ 


some ominous 


Road, mctbiia Embankment and 
Chm^-Cress-Toftenham Court 


“(>ffice.pibiierty In Ciesoiitt v. T«ii<u! 

and Httfijorn in 

office space araUJbla 


very encouraging, the medium 
and long-term prospects for 
Holborn are good. Conse- 
quently, a number of lar^ 
developments is planned or 
under way. 


The market .has etpeiienced 


east generally and HoIborn in 
particular 

< 1] > economic _ 

^ ^ '. ^'v-U \ fi » surpridngly well,” WG & S says. 

\ ' *B0wever, we cannot look for* ■***«* 

. ward with oonfidenoe. this year, a fundamental 4fliaiige in recent 

■■ I ; ■'■The past few numffis have 

rappeaiing Dickensian touch to 

,trcaS.S*:4 ■ ■■ ^ Norffiecberlaed 

WG-Jfc. has ii*lH>ul.-.269j[W)(K- ^Arninw, - tint gia»».d nmlti* 

[ ^ft4^offire.SP^^itobbbk8- natidlla^ office ' 
attbeflftdmeht v. x,. , . 

- • - - But even with flie- multi* 

nationals, tinngs have not gone 



Griffin House, 3 60,000 sq ft 
office development financed by 
tile Midland Bank Trust Com- 
pany. is due for completion 
later tins year, whereas Land 
Securities plans 19^000 sq ft ai 
office accommodation behind 


*Vl^lhih the market tiic^ is 
a stFo^ demand for small hnd 
jw^mn dffitt '^tira, .most of 
va^.are rebzrbishmjents. But 
[ To^-Qi the buildings attract 
, Ab fttohlion ftom investment 
[ .&ds wdtb a penhhaht for large 
,:ji^d!tioned new develop- 
; u^ts . or prime rtiiabUitat^ 
f property. ■ -■ 
i • . >TO & S notes a possible 
.change in attitude here.- “Insti- 
‘tutioDs are begforring to look' 
.Kribusly at nonaiMonditioned 


Avenue, once vacant possession 
is achieved at the end of tiie 
year. 

A further 80.000 sq.ft of 
space is planned tor the Cavell 


: HOLBORN RENTS (£) 

1978 1979 

* 

1980 

1981 

New abr-condltloned 

9-10 

19-15 

15-16 

15-16 

Modern/refurbisbed 

6.50-7^ 

9-11 

11-12.50 

12-13 

Old 

5-7 

7*8.50 

8.598.S0 

10*12 

* Per sq ft/per animm. 


Based on WGS daita. 


market In the case of the 
Camden authorities, hi^ rates 
(196,2p in the £) are dissuading 
some new entrants into the 
market and forcing some exist- 
ing occupiers to consider the 
lower rateable values in tiie 
Cities of London (13S.6p in the 
£} and ‘Weslminster (132,2p in 
tiiefl). 

Rates are becoming a major 
constituent in the cost/benefit 
amilysis for many companies, 
and are likely to continue to 
exarerbate the financial diffi- 
culties of businesses under 
threat in . the recession. . The 
nightmare is that once the 
economy recovers, any signifi- 
cant uplift in dmnand could be 
negated by escalating rates. 

On the more positive side of 
local government activi^, the 
GLC has been attempting to 
” sell ” the Lmidon office market 
to the EEC, in particular by 
promoting a number of sites 
(naturally close to Chancery 
Lane) for the European Trade 
Marls Ofltoe. Munich is also m 
the running as a site for this 
EEC body. 

The willingness iff local plan- 



lOUS! 

:hei!ie ; 


Retailefs maintain good trade 


} I 




A* 


IHE GLOOM and despondency 
that has penheated many 
sectors, of the'retail trade over 
yti»' past two y^s.of recession 
baa so- far not been reflected 
the City's shO'PS. 
j^>Retafling in the Cl^ of 


be divided into six distinct 
categories: 

• Food and drink: the huge 
migrant population that com- 
mutes into the City each day 
needs to be fed at -lunchtime. 
Feeding the masses ranges 


have suffered nuot frmu the 
recession and the impact of 
** wrong ” styles, (nie farition 
trade generally gat the style 
wrong when the recession hit: 
riioppers were looking lor 
b^r value for money xaiQier 


[Limdpn .is imtypieal of what is fn>m the smallest sandwich bar than wayout designs.) 

* - 5_ TTj..*.- - nit,.. vpiaMB* faak.MW. 


happening ' in High' Strefts 
.elsewheiSB. . This is 'because 
totaiting in the Squ^ Mile 
-is . primarily concerned with 
-meeting, the needs of its office 
woriEef population during the 
-day, rather, than hoping to cater 
ifor .tiie small' nuntoer of resi- 
data-in the (Stir’s' catchment 
^area.-'-' • -- - ■ • 

I -The prime advantage' of 
(living a faiiiy stable and con- 
sistent . p<9iffation of office 
Srorkers is that the City’s 


to top restaurants snrii as Le 
FDulbof in Cbcapside. .The only 
factor. hi common that all these 
places have is the overwhelm; 
ing demand for catering facili- 
ties in the Cfity* Virtually eveiy 
nook and cranny is in 'demand 
to turn into. either a wine bar, 
delicateman, . or . yestaurant. . 

Ci&. property, agents 
are reluctant to. even accept 
instructions to -find restaurant 


The mens* fashioa muket 
has been less affected by style 
or, seemingly, the fecesribn. 
Since the pred'Orninant 
“unifftm” in the City is the 
suit, it la hardly surprising 
that tailors continue to form 
a significffiit part of the retail 
make-vv the City* 

• Essential items: The City is 
'full of shops winch lutwide 
essential items such as hard- 
ware or groefties, wfakfa fulfill 
a need for tiie transient office 


likely to go on doing so even 
with ' toe advent of computer 
technology. 

One characteristic of retail 
development in the (Sty is that 
it tends to be the “cream, on 
toe cake ” for office developers. 
Offices are the main object of 
any develoiHmnt to 

appease planning authorities, 
retail and other facilities are 
often, provided on the- ground 
level Of a. new office develop- 
ment. However, rents- from the 
retail ShiH^s are usually sub* 
.stantially.lower than office rents 
and so are general^ taken as an 
extra -to the project’s viability 
rather than calculated as an 
integral part of it 

Howmr, there rmoains 
strong pressure from the 


or wine bar premises as the 

— . demand is so great Obviously, ^ - — 

4 * jretailera can be fairly assured established catering chains worker populatimt which can- planners on office landlords to 
VX> et their level of trade even in ^ in a stronger posit^ to not r each siinilar sto^<^ at' genuine ret^rs 

Bad timm. The many sandwich -n e gotia to for rites, but In the '* ^ ‘ “ ^ ‘ -t- 

bars in the Gi^, for example, jn^ most catering outiets are 
report a consistent level of “one-off” units operated by. 

[hade. since people have to eat individuals. - 

iuhatever the economic condi- • j 

-- 0 Fashion: Over the past decade 

or so,- toe character of toe 
City's ' .working population bas 
riianged, with more working 
women at all levels with jobs 
in the C^ty. In tiie maiii, how- 


Nioxis. Where the City's rfr 
[tailers sometimes lose out is 
Ibeing unriile to capitalise on a 

jbooin^ consnmer economy— 
jritooagh the grovring number of 
loops' catering for leisure 


home during a working ds^. 

• Lnxuiy goods: While it 
would be hard to buy large 
consumer durables in to City 
(apart fFom the Honndsditoh 
warAouse in Bishopsgate), 
'toere is a surprisingly hi^ 
level oE dBmaTifl for small elec* 
trical leisure goods, mainly 
video and audio equipment . 

# Financial outlets: the 


are allowed in wherever possible 
so as to heto ciub the prolifera- 
tion of “ fringe ” retailers such 
as building societies and fmeign 
banks. 

Rents in the City 'for retail 
outlets are relatively stable 
according to a number of agents 
—unlike toe position in other 
shopping areas such as the West 
End. Healey and Baker, for 


ivities Aows- that even in jTSSfi ubiquitous banks and building example, remain “ enthusiastic 

iM ^ economic hardship, .the secretarial or ciencai lOos inar enMoHae ora nnr «iimri«mpiv about the shoo w&Dertv seen 


societies are, not surprisingly, about the shop property scene 




•'•• ply’s' occupants still have con* ” as mudi In evidence in the Cl^ in the City. 

;' Sderable disposable Income. dovra-matot tooion^utiets- to ^ ^ gtjgeis. The One of the newest and most 

i Given that the City’s popula- pro*«erate in tne wry. problem, however, is that tose interesting retail outlets in the 

* tSoa is mreiwhelmin^ office- The impact Of toe femade type of Institutions can easily City is Books Nippmi. situated 
■ briented, the distribution of office worker ^ auto' led to a afford to pay more for prime dose to St Raul's Cathedral, 

' Rtall outiets within to Qty is* protiferatioo of .rashion - ape^ sites and thus help force out . whidi open^ laft month. Books 

Sear; are scarry any sory. shops— such ah toe ineyit- other retailers who might pro- Nippon claims to be toe largest 

car' showniams for example, able British Shoe ^vporarion vide a more ntixed retail Japanese booktoop in Europe 

i8 joa misifat find in n normal 0^^ ' (Dol^ Saxone, etc.) 

tisjlintf —A di mitfir ftPCW* WiUCS Cftn -oO ZOUIIq 10 8D7 

Hie City need to buy and leather goods tops. 

Macement and maintenance . of ril’ the retaii. sectors in 
goods rather -than capital items, the City, however, it Ims been 

Gi^e -retail outlets can toe womto shops that within the Square Mile and are 


environment 'and will eventually stock 60,000 

• Station^ booksellers, office Japanese bools aim^ at the 
equipment: not surprisingly, large es^atiiate Japtmese com- 
since the City relies heavily on smnHy as well as an increasing 
paperwork, office equipment number of tourists, 
and atationw supplieta aj»»»d ^ ChnnUU | 


Taylor 


Fleet %eet newspaper print 
works 'V 11 determine toe area’s 
composi on in years to come. 

The I «t Street-based estate 
agents 'arebrother me not 
greatly iDcerx>ed at toe i»es- 
peets 0 sucta an upheaval. 

' Admit lly a large amount of 
space ' mid come on the 
market d not all at to same 
time,” ti agmits say. 

Weath ril Green and Smith 


adds: "Izmreasing worries about 
the timing of to economic 
recovery ammar to have no 
effect on the prime investment 
market which remains in. a con- 
fident and healthy mood. How^ 
ever, toere are clear signs of 
a louring down in rental growth 
and if these continue through* 
out this year, yields may rise 
to compensate.” 

Prime Holborh offiee yields 
are current about 5 per cent 
or abCRXt 0.a per cent tove the 
keenest yields in the West End 
and the City. : . 

The market conditions for to 
next IS months will be greatiy 
influenced iqr the .Qimeellor's 
Marrii 9 Bud^t and subsequent 
movements in Interest/mort- 
gage rates. But fpnwaiiy it Is 
anticipated tot rents wQl 
remain either unchanged or fan 
slightly as demand remains low, 
while buildings will take longer 
to let ' 

Very conipetitive tenns wOl 
have to be offered for laige 
buildings, and higher local rates 
might o&et any recovery 'later 
in the year. 

Overall the fabric of HoHiora 
is improvingi The opening of the 
new Govent Garden and dam- 
ages retail developments ffiled 
a major gap, and the quality of 
the refbibirimients completed 
and currently under way is high 
enough to give the area long- 
term appeaL 

Areas such as King'S Gross 
probAly ivill remain blighted 
for years to come, vdiile the 
departure of 1he new^per 
industry could represent more 
iff a challenge than a tiiseat H 
the economy stages a strong 
sustained recovery .in the next 
few years. 

By the end of the decade, 
we could see a Holbom^ which 
is dramatical^ different to the 
one which erists today. 

*With apologies to Charles 
Dickens and “A Tale of Two 
Cities.’* 

Paul Hannon 


City & 

Holborn 
Offices 
To Let 


Gty 

KBOsqft lONGLANEGO. 
AneuvrictBiiiciing consmKtedioiheMgri^sandaid. 

. -238SsqftRONNfONGB{LAr^EC2. 

A unique s^oontelned buHdingoueilocildng 

pri)^givdensandMttin250>andsfttofiarfc 

ZfiOOsqftMAnCETBUILDINGSrMyqaiW 
Ground floo^QH offices, g i qjftones and teteXi 

46Q0sqft HNSBURYSQUAR&EC2. 

. lldlyrtiaBdpartafc otSoes in a inoito 

725DsqftCANNONSTREEi;EC4. 
JUodemised OH offices available cn a long lem& 

74775 sqftBIUDGEWAIRRSQUAR&ECZ. 

A supeibly modenfised office building an ameiftfes 

available on a long tease ft a rent of under £10 persq lb 


Holborn 

955 sq ft BEDFORD ROW Wa. 

Seond floor OH offices none of the finest . 
buildings in Bedford RoMC 

2422sqft TOOKSCOURTECf. 

A nevv^niodernised seif contained 
Geo^anofficebi^l(^'av^lab)eonalongteas&. 

imOsqft CHANCERyiAA^WCZ. 
AselFcontainedate officebiAcQng 
moderrisedapproDc.2yeaisagbL 

12000 sqft EDTPLA^Ea. 
IWofiboisofakasrKfljbnetioffices / 
Avoned’Holbom'sfinescbuadtngs;. 

70000 sqft HIGH HOLBORMWCl. 

A modeni self oiixained office buifcSng 
wthaH am eni tfe sL 


For further details of these and other office: in tho City 
flnd Heihorn plesse contact; — 


DE C 3 RaOT 
CbLLIS'^ 


City:— Bssildon House, 7, hi Moorgate/EC2R 6 jAD 

01-6061455 

■ HoJborn:- 509-510 High Holborrt,'a''C'v'7LX 

01-831 7651 


The Holborn 



A ONE LINE ^ IN SHOP&OFFICE SPACE 


EolbornO 


anceryA 

^ Lane^ 


^^uls 


SHOP. 82 HU^ HOLBORN 

1,450 Sq.Ft Approx 
14 ft Montage long lease 


SHOP. 85 HIGH HOLBORN 

1,880 Sq.Ft. Approx 
14 it fiii^tage and long lease 


OFFICE. 20/26 CCJRSirOR STL 
28,000 Sq. Ft. Approx 

Sdf contained, air conditioned building. Prestige entrance. Car parking. 


SHOP. CATHEDRALFLACE 
211 Sq.Ft. Approx 

Basemoif Storage. Lease 1992 without review. 


lov^HiUO 


KiuglitEraiik&Riifl^ 

OFHCE. 9/QBA^GHALL SX 
1,360 Sq.Ft Approx Suit^leforippresentativeoftioe^ 
Air--conctition^ Acoustic tiled ceili^. Lease foratenn of threeyears. 
joint Agent: J. Trevor & Sons. 


OFFICES. INTERNAIIONAL HOUSE, WOIOJ^ TRADE CENTRE 

120,000 Sq.Ft. ApprtK 

New development Air conditioned. Ample car parking. 

OFnCE. ST CXiARE HOUSE MEMORIES 

3,540 Sq. Ft, Approx 

Newly refurbi^ikL Acoustic tiled ceilings. Fully c^eted. 


^6 


OFFICE. CirYSIDE, ADLER S£ 

96,000 Sq. Ft. Approx 

A new refurbishment of aixaiiiinodatibn available in units Scorn. 2,000 Sq. Ft. 
from Summer 1982. Car Parking. 



-7 Birchin Lane, London, 
EC3V9BY 894478 


012830041 


O'*' 

•Ja a . 

* ‘V? 



/ ' 


r 

q ,•* 


’m 


i 


ity offices, large or small, consult the Space Agents 


MATTHEWS GOODMAN 
6c Postlethwaite' - - 

01 zm iZOO 

051 2db 873’ - 




and now in Dallas 













Financial Times 12 19^- 


CITY OF LONDON PROPERTY VI 



Audrey Powel describes life in London’s Square Mile after the workers have gP^ 






Barbican homes add to 


mng UOBNING approaching 
400,000 people will be working . 
in the City. tonight only 
7,500 will sleep there. 

In the 19th century the 
Square Mile had up to 130,000 
resklents. But the growth, oi 
crnmnerdai bmlding, wartime 
-bombing and the fashion for 
donnitoiy sid}urbg have taS^ 
their toll and the area hureas- 
iogly has led a double liie—by 
day busy and alive, by night 
a dty (tf cats and caretakers, 
with a resident population that 
has dipped to fewer than 5,000. 

In tile 1970s the development 
of the Barbican with 4ts 2,000 
flats and maisonettes, brought 
some movonent the other way 
>^wihich was its' purpose. 

Sue what other life' is now 
left in the City once the 
of woiicecs have 
poured out of offices,, banks 
and shops and disappeared into 
the Tube or buses wlurh take 
them home? 

Probably more than you 
might think. The Caty houn-. 
Ha-ri^ sotclose the ^lies of 200 
to 300 le^ eagles in the Inner 
and Middle Temple and Clif- 
ford’s Inn; the staff of St Paul’s 
Cathedral and the 50 hoys of 
the CSwir School, and the tem- 
porary occupants of 700 beds In 
St Bartholomew’s Hospit^ 
There are the reudents of 
200 local authority flats, of 
police flats, of nurses' h<»nes, 
of ho^ds. The City’s one hotel, 
the Great Eastern, has maybe 
200 guests from Monda:!^ to 
Thursdays. 

There are the landlords liv- 
ing with thmr families above 
the City pubs; the journalists 
Yrtto have pieds-lb-tens off Fleet 
Street Office blocks and hanks 
often have flats for senior staff. 

There is also more vacant 
living acconmu^ation in the 
City than there would seem. 






A; : 5 



I'- 










’.f I 


V- 




Vi 




i . 




t-: 


I ".i 


Flats V. the Barbican. Studio flats ranging up to a £500.000 pentfiouse accomToo*^ residenfs fivm - ' 


Choice 


In Fetter Lane a block of 100 
flats is being refurbished and 
the units sold as tenants leave. 
There is a choice of one- to 
three-bedroom flats at from 
£64.000 to £179,000 and there 
are telex facilities in the build- 
ing. 

Agents X3iarles Price Bantor 
and Co say :d}out half the flats 
have been sold— to cempames. 
to offshore investors and to a 
cross-section of pied-&,-terre 
seekers. 

Down by the water, In Upper 
Thames Street is Queen’s Quay 
where aaiother 100 flats were 
‘built on a warehouse site, in 
the 1970s. Then they fetched 
£14,750 to £32.500. Resales crop 
up quite often — at between 
£42.500 and £57,500. 

The flats on the river side 
are sunny, and w!^e you do get 
a rather genexous mew of mud 
when the tide is out, you have 
the entertainment of watching 
treasure hunters probing the 
beach in the hope of finding 
Roman relics. 

^ere is Amen Lodge, an 
aw ^iiar modern block of a 
dozen flats, just across from St 
Paul’s. Lat^y, it has been 
encrusted - with -estate agents’ 


hoards, for three pn^rties 
there have been on he market. 
The penthouse, withts pigeon’s 
^ view of the caiedral, has 
been available for ix months. 
The Bee Gees pop ;roup used 
it, tiien a company owned it 
Another company seems, the 
likeliest buyer, at, £65,000. •- 
' ^e other ofTerinf are a .twp: 
bedroom ground -nor apart- 
ment, rather otimistically 
priced at £80,000, nd a one- 
bedro<»n maisonetteat £38.950. 

And there is muh more on 
a smtdl scale, to b found, by 
those whose detemnation has 
been strengthened by winter 
weather and rail stikes. 

But to the Baibuui, a very 
different proposi bn— 500,000 

cubic yards of concete, 50,000 
tons of rdnforceient ste^ 
hundreds of tiiousans of blui^ 
brown bricks and paiors spread 
over 36 acres. 

Flats ara in rows like tiers 
in a theatre, dwarfd by three 
towering blocks of 43 or 44 


stor^. Traffic is .'‘totally 
segregated and there is a maze 
of widkways. TSiere are lawns . 
like billiard tables. 2^ -wind 
ruffles the reservoir^Dke lake on 
-wbiefa. ducks have settled and. 
over vdikdL seagolls sometimes 
wheel. (Do 'those tow^ re- 
mind tikem of familiar ctiSs?) 

When the Q».eea a^eas the 
Barbican Centre ior Arts on 
March 3. this massive devd< 9 - 
meot — estimated in 1959. .to 
cost £20m, but 'wfaidi -has, in 
fact, run throu^ £200pir-4vill 
be all but fini^edl 

It was bttflf T>y ithe Goiporar 
lion of London for letting, but 
now under the Houmng Ai± 
1980, the units are being sold. 
Some 900 tenants have aiq>lied 
for the right to buy. 35 flats 
have already been sold on -tiie 
open maricet, others are in 
solicitors’ hands. 

Leases are for 135 years and 
prices start at £32,500 for a 
studio (one room with kitchen 
and bathroom). 


A three-bedroom &t (whose 
'current rent would be £6.^50 a 
year) sells at ' - £138,500.' Ib ‘ 
service/mahiteiiance charge is 
£2,485 a year.-Tedants 'wha*'4my . 
-flats receive: a iBscoont of up 
toJE25,000. 

The penthouse on the 37tb to 
39tii floors of Lauderdale 
Tower is to sale -at SSOO^WO. 
has four bedrobuis, three 'bati^' 
rooms, rifning room, a galleried' 
reception room, a conserva< 
tory/roof garden and. balcony.. 
And at tmlight* ^u look ont 
rwi to a ghtwiTriPriTig backxdotil 
. of lights in the. sarroundiDg' 
office towers or down on to -a 
carpet of Uhumnations that 
seems to stretch' mit for -ererJ- 

But. what . is it like, . Bving 
witl^ what joint selling agenb. 
Chestertons and AJisop term 
this “spectacular modem 
development" -and . a travel 
writer.calls these "brutal wind-' 
swept canyons?” 

Stella Currie, chmrman of 
the Baihican Association, has. 


been tirnre to -U years'.^: 
it,--,^9ke is A solidtor 
^ipreciate- bmng abte- to 'w^. 
to her office in City. ':i: 
*Thei;e-is a nice'-gremrihg 
.comixuinity' spirit,^ ^.Ahe'^'6ayeI 
’**Yoa bui^. into .finends.'^ -'toe 
estate, ^lops. 'We haye.onr wa 
C^ faxasteias festivitjie&? . 


Lots; leases 


ixties office blocks 


- rtiSiriw !.fhe pppoiMnity'. 
to ^ tone 'IdBsea . 
more, jpeopiie- fhaie' at-'<weeto: 
.ends, ifflnre 

'away : to. ebunby-. .bottaiges' 
be sdUiie thesei to' biiy - ti!!^ 
Bazbii^ privertseA ■ £ .. 

But ishe: hopes fldte wifi, not 
ev^tnkUy pass. into, the bands 
of comp^es,. vdtb -nnght use' 
theih -as offices. ' 

' Not everyone shmes i^ JGss 
Curriers ' 1 enthusiasin fdr''.toie 
Barbican. • Ah ..author :Hwas 
double-edgiM hi Ids'' coeomient 
For him' the a^anta^ of Dvlhg: 
there-. . was . .doosiddrai^ .^jhe' 
said, ••‘'.'becanse, toere .are ' iib 
dlstrecti(Hie-^ . :coimcde.tely 
dead ■ trt nisSit.”:'' ■ •' 

Pib^uhahtyitiie: opemng'-QK 
the Arte Centre wflft att^ tom. 
^ven so, he adde^ '*'l wov^ 
■not want to bring !iip a^fan^. 
.there," .• ’■.■.V-V 


Dodfbz^^lfiikeES, atcoocmtaiit^ 
LezrativeK-'.deT. ofi .companies, 

: 4tai^: flata;^-.ti|e' estate. iBuf 
-:zoasy 1 'Bsstoenis- - ‘are not . 

• <iteatectod vritii 'i^ all 

^ W , pende 

:l^-^ha|pipeB.-‘-.-.-to find \ it 
hearty . 25]p« : 
*,oF toants. are from 
..-qveteeaA-Bot toe joggers Iwho- 
:^ad TatMihdL-toe . walknr^ at 
-iu^;are,jsaid to iixdude some: 
w;eD4ai0WnBritish faces .(whose 
om^;. like . to tate. toeir- 

It^to ea4^:.t6 tox^ toatthe- 
7;Baibi(^- taio^- in bsdy. a small. 
:.secti^ , Iple.. 

• Dou3i2y'. ^lajifled'. -to '^ye an 

.in • toe' more 
'tcaffitioiifi:'part is liquidator 
..'oztriu)rdinfr 7 ' . -^.Sir' - Kponetii' 
'iQoriC- vtoQ -has va rivtorsid^ flat 
; & toe.vCity * as -a foimet ' 
. 'Lord iCaydr. of Londoaiu .has- 
' lived -In toe' . Mansion: souse 
(" Jtto like a ebtotzyhou^ 

'any toffic 

- J../- ' 

• ;v Offi.,ditfy,:toe, City beco^l 
'-‘like'a- •rinage»,-he:^^ “ Sobuh: 

titeds-I atong the ^Ihaiaes 

aito ito to one of thA litde 

is: abstdutdy 

. -t 


showing their age 




wates 

developments 



28 Austin Friars EC2 



Newair-(X)nditioned 
banking building of 7,000 sq.ft. 
TOBELET 



Jones Lang 



Chartered Suv^ors 

^hSt 

HaoiSitoLaKtaReQarJ. 


01^5040 


StQaintiii 

GUARnSEDSJBVEtoBS 

■iniitiyaa»f ^iiMS ' >ii! etl tel < iiflnn E(^ 

Tyephone 01-236 4040 


o everyday 


CONSTRUenON wrk in the 
City of London has Dt stopped 
since ths end of the war. .Al- 
though the sky is noicnger full 
of cranes, new 'quidiegs and 
extensive refurbishaent con- 
tinue to be part 
life. 

Offices continu^ to be the 
main area of gro rti, although 
the heady days of t u early 1970s 
are well over. r« developer 
undertakes large i ale office re- 
development wit ?ut a great 
deal of serious z search, some 
of it made nec< sazy by the 
kind of architec ire that was 
commonly built n the 1950s 
and 1960s. 

Many of the medium-sized 
office buildings i the City that 
were built 20 yars ago have 
not worn weU ai 1 are often in 
need of cotoude able and ex- 
pensive mainten ice. 

One of the maj r reservations 
that future diet s have about 
the standard offi< : block is the 
pAor quality of m ch of the ser< 
vicing-^articula: ; air con- 
ditieming and inadequate 
underfloor trunl ag for the 
more sophistical 1 telephone 
and communicajbn systems 
needed today. Bfurbishment' 
of the standard |l960s office 
block has become n expensive 
business in a shori time. 

The City's office ardutectaire 
has never been particularly 
distinguisbed — indesd toe build- 
ings around toe najor archi- 
tectural monument! such a$ SL 
Pa'ul’s smd toe Towe have been 
insensitive in tit extreme. 
There as now one dwetoper who 
has a scheme to rectify toe 
architectural distetrs of toe 
last 20 years. Peter PMuaffio 
still wants to bujlc the office 
tower and landscaiied square 
opposite toe Ji^nson House 
that he proimsed in 1969. 

His scheme ^ b build a 
tower of offices Iq toe dis- 
tinguished architect Mies van 
der Rohe, who caixK from the 
Eauhaus and work^ .irincipally 
in CMcago. Mr I I'limbo has 
had a lifelong adj iratron for 
the work of Mies .v n der Rohe 
and bis one amhiti m is to put 
up a building in Li^og by 
tils master of be modem 
movement 

The' new.square ' rouM be sur- 
rounded by maste ' azcl^tects: 
St Stephen's 'W ilbfook by 
Qizistopher 'Vren id one 
comer, toe Midia d B^ by 
Sir Edwin Lutye is o^ the 
Poultry side and tfle somovhat 
•amended side facai 
Dance’s Mansion 
the tower by Bfii 
Robe. There is no 
toe moment toat 
will be built altoonto there is 
every chance that ft wilL It 


would add a bunding of dis- 
tinction to the City. 

Other new' office schemes 
either just fiznshed or about to 
be completed are toe large 
scheme in ChisweR Street 
developed by 'Whitbread and 
Trafalgar House and toe new 
Mermaid Theatre-cum-office 
builffing 'by Blac^ziars. Thls^ 
blocdc has an interesting plan- - 
ning history. Puddle Dock has 
borne the rigns of human occu- 
pation since the Romans, 
further revealed during excava- 
tions to build the new Mermaid 
Theatre azid offires for Touche 
Ransant 


Permit 


of George 
)use facing 
van der 
ity at 
lis scheme 


Lord MBes -of >tjhe Mennaid 
Th flatrw had-ocquired. an office 
development pennit in toe early 
1970s in toe days of the late 
Mr Antoony Crosland. The Trus- 
tees of the Mermaid Theatre 
realised that offices would make 
good use of toe Puddle Doto' 
site and toe -tbeaitre could be 
ref tutashed' at the same time. 

The antoiteatB for the 
redevelopmenit were Richard 
Seifert and Pan t n o rs and toe 
occupants who had succeeded in 
buying a 999-year leeoe fzom the 
City Corporation were Toutoe 
Remnazd. The Itese c'6^~£lm 
and the lefurbisfament of the 
theatre £lim. The bmlffing is 
a good..aolutioa to toe pzoblem 
of mixed uses in the City and it 
Tnakea use of a difficult site in 
a imactical way. Total cost of 
the redevelopm^ accozding to 
Lonl Remnant, . Wawagi-ng 
DireckMT of the Tod^ Remnant 
Investment 'Mawnfftnm^ Groiv, 
was £l0m. 

Other prime office kKatoms 
near the river indude the site 
of the dd Billingsgate Ush 
markets The nw .maiket has 
now opened at We^ Izidia Dock 
and has been design^ by arehi- 
tects Norman Levinson and 
Parteezs. It c^ned for trad- 
ing on January 19, leaving the 
future of toe site in toe Gty 
in a state of uncertainty. 

The old Martcet Boildiog has 
now been listed oiid toere are 
a vaziety :Of uses f<n toe 
Femaandm:. Jtite-Site. .Qffices.fir. 
a new Commodity Exchange 
are under eonfindertriicm by toe 
City Corpozation. The ffiffiedUy 
is to fizid a suitable new use fOr 
toe old inazket winch can ttoe 
full advamage ^ toe open etruo 
ture ozid yet be financially 
viable. It is a hard case to 
aigue as any lessute uses would 
depaid on suppmt fmn toe 
City’s smaU populatian after 
office houxs. 

There can be no doubt 'that 
the future of office development 
in toe City depeode. ib a laige 


degree on the success of toe 
various ' office-based schema 
that devielopers are wozidzig oh. 
for toe &uth Bank of toe 
Thames. If the Coin Street pro- 
posals by Greycoat Estates get 
the goohead after its lengtiiy 
inquizy, the architect Richard 
Rogers will have as - opportunity 
to demonstrate thait large areas 
of offices can also have archi- 
tectural merit and a public face. 

EQs proposals for the new 
IJi^rds Building remain toe 
most exciting new development 
in toe City, and it is tantaliring 
to watch toe woric in progrete 
on toe Site. Rogers' popular 
success with toe Centre Pompi- 
dou in Paris cotdd be r^eated 
with the Lloyds building in toe 
.City.. At .last toe C3ty would 
have an architectural momt< 
meat of toe last quarter of toe 
20th centuzy. 

Colin Amecyl, 




AuaihUe 
AutumnWSl 


\ 74GFK«VENOT^i 




J 

L- 






1 









Fii»mcial/;i^es Fifda; Febniai:^ 12.1982 



CITY OF LONDON PROPERTY VH 


in the City 
of London 


Tnie tnlHings injaacefl <» the map are listed 
below:!^ postal Atea. The list shows the eross 
atonal flpcn: a rea o f each 1>aildiag together' 
wi& a ref^iKe mmber ^ ^ position 

0& ttift wiflp 
.thider .Canstnicthn 



Hap Name . 

Be£ . . 

No 

-.1 y^itbread Brewery. EC2 
S Cutlers Gardens, ECS 
.3 28/30 Bid<^»gate, £C2 
4 ... '24/28 Lombard-Street, &C3 
' '5 \ LIo:^ Building, ECS 
-.'j6 ' Boxy ^ Cbnxt. House, ' ECS 
/.7. -Goodmase ^ard, ECS ^ 

: ^8 ' -PeniKular 'Houses EG4' 

* 9 : 1'Xln^ WUiiam. St'.Hoism, -EC4 
IP'! Post Office HQ. BC4 . 

U. ^Fieetwny House, EC4 
12 56/58 Faz^gdon Street, EC4 
23 l^evf SibenUa. \V3iaSt sl g^ 

14' .Calibers Corner, El 

iKifiiFlaiiidng. Consent 
.15 -Little Britain Site, ECl 

16 1/17 Old Broad Streep EC2 

17 Fenchurch. Street Stati6n,-EC8 

18 Kinoxies Car, FaEfc. ECS 

19 Regis House. EC4 

20 Swan Lane Car Park Site, EG4 
^ Hays Wharf, SEl 

'PropasoA 

21 Broad St Goods Bepot, EC2 

22 Liverpool St Stattca Site, EC2 

23 Monument ^tion Site, ECS 

24 Billingsgate Market BC4 

25 LTE Site, Ludgste Hill, EC4 

26 City of London School, EC4 

27 Coin Street SEl 

28 Kizigs Reac^ SEl 

29 Globe Theatre Site, SEl 
SO The Laing Site, • 

31 Courage Bottling Plant SEl 
33a Haps Wharf, SEl 
S3 Ro^ Mint Site, El 
34a Mansion House Square, EC4 
a= Change danap Jamtary 1S8S 
not included in totals 


Developments 

14 


Analysia 

Under Constnietioa 
Proposed wilh 
Planning Consent 
Proposed without - 
piaTMiiftg Consent 


- ' DEVELOP2CENT activity .in the 
^ ,City of Laad«n has been 
‘.'.^buoyant; last year z^jeculaliTe 
^development ' conqdetions 
' . ;.,jreached an estimated 1 jm sq ft 
'.'.''the highest level achieved since 
'Riis year, ihe total of 
■'■^l^tedaladvo .sp^ due to be 
Is likely to be around. 
. ■ '•^3m sq ft with about a third 


148,994 

621325 

194600 

US^ 

544312 
121.000 
260300 
•115341 
210391 
• 410^91 
123,709' 
166,948 
. .119,560 
• 330200 

373^ 

386,718. 

127.961 

141,621 

151,997 

172.000 

738.000 

500.000 
1300.000 

100.000 

375.000 

200300 

450,788 

995.000 
328366 
141300 

210.000 

106,541 

2333374 
- 300,000 
178^500 


Flobrqnce 

3.480379 

1253,783 

6,977,469 


of ' this total already pre-let. - 
D^ite the recession, iriiich 
has Idt demand for accommoda- 
tion in most office propel 
centres, 'the take-iq> oi develop- 
ment space oh the open market 
has remained- much higher in 
'the City during the last 
recession. Whereas in 1975 less 
than .500300 sq ft of tiie 2m 



sq ft of cocnpleCed space was 
taJceii up, last year take-up in 
new schemes approached 
Im sq ft. 

Present developments include 
a broad mis of new si^emes 
and refurbishment projects. The 
map above, compiled by Hillier 
Parker May and Rowden. pin- 
points schemes planned or in 


the eouzne of construction of 
over 100,000 sq ft. 

Much el the emphads in 
terms of new developments has 
been on the so-c^ed City 
"fringe" areas, where, sit^ 
have been more easily available 
and where the larger schemes 
have tended to emerge.' Few 
new office schemes of any sig- 


nificant scale aiire planned for 
the Cit3T*s inner core, so that 
the fringes might 'well even- 
tually provide the only oppor- 
tunities for tenants seeking 
large amounts of jqiace close to 
London’s financial heart. For 
the time being, however, the 
recession is having an 
undoubted impact on the attrac- 


tions of off-centre locfttions and 
promoters of some af the fringe 
sdiemes now being completed 
are unlikely to find the search 
for tenants an easy one. 

At Cutler’s Gardens, on the 
eastern boundary, Greycoat is 
actively marketing its 790,000 
sq ft office scheme, while some 
of largest schemes to be 


unveiled recently indude St 
Martins Property Corporation^ 
plans for Hay’s Wharf, the 
Rosehaugh Greyceat schemei 
close to laverpool Street SbationI 
and the S and W Berisford/. 
London and -Edinburgh .Invest-i 
ment Trust proposals for the'* 
old Billingsgate market site on^ 
the Thames. ^ 


K^stlstJamuryiaBa 
Under constnicUon' 

. Proposed wHh planning consud 
Proposed wittKHd planniiig consent 


c-9 

■. ‘a®' 



41-42 Botolph Lane EC3 

" Air-conditioned office building to let 

6,750 sq ft 


70-74 City Road £C1 

Refurbished offices to let on 3rd floor 
■ '2,735sqft ■ 


60-66 East Smithfield El 

Open-plan offices to let on four floors 
; : ■ ; 20,2^sqff 


14B St Cross street ECl 

Self-contained offices on 7th and- 8th floors to let 

■ ' '12,40.0 sq ft ; 


Edward 

Erdman 

Surveyors 

23CoIlegBHill,'CannonStreeLLt)^ Telephone:OT-2363811 

Paris. BoideauX'UUe* Lyon «Maise0le>Mce*stntt»urg*'nNil(NJ88- Amsterdam 




offices 


£7.00 a foot 

Ihe cityis Petedxttx>iig^ Hfiy rr^ 

King’s Qdss. The offices aie in Mdgale House, 
asupeib newbuildingovedcokingthe cathed^ 
The costis aU-indusfve. Eent, mtes and 
service chaige! 

The last 10, (XX) sq ft is available 
(M today and discover hewyourbusine^ 
could benefit fioni the PeteiboiDu^ Meet 
Modem office in the dty centre are also 
available fiom 2,000 sqft Another 58,000 sqftis 
beingbufttandafi3ither300, 000 sqft will 


start soon. 


Ring Jolm bnlieefoiie 4321 

k murt be the Petjafbo*^ 




























Mmvty ' 


vm 


A Selection of 

CITY OFFICES 

EC.3. 

2500 sq. ft refurbished floor with telephones, 
telex and Reuters lines. Ideal for insurance/ 
shipping/commodity brokers. 

E. C. 2. 

4000 sq. ft modern space. Suit brokers. 

E-C. 1- . ^ 

30-80000 sq. ft. of top quality air.conditoned 
. space. Ready for immediate occupation. 

E. C. 3. 

300 sq. ft. office suite close to Lloyds with 
telephones and telex. 

E. C. 1. 

1400 sq. ft. modern office floor, carpets, 
telephones etc. 

N. 1. 

Excellent office floor 3000 sq. ft. highly suitable 
for computer company or company requinng 
display area. 

Phone Jo Farrington 01-600 7281 


Bernard Thprpe 

and P^tners- . , I" 


Blossoms Inn, London EC2V 8DA 


Elnandal 

CITY OP LONDON PROPERTY Y 


Development and refurbishment 
continae to meet the sustained 
demand for CSty accommodation, 
as William Cochrane reports 

Developers look 
past recession 



.vf-^NTIRE / 

: rSELFrGQNTAINED 
tAlR^BfE>ITIONED 
^ BUILDING 






CMnmd Suvmns 

5 Burgon Street. St, Andrew's Hill. London EC4V 508 

01-24857991 

Telex: 8814331 


TWO MAIN tiiemes emw 
from the pattern of City ofice 

development— planned or pto- 

posed— over the past year or 
so First, the ability and in- 
clmation of developers and 
financing institutions to look 
beyond the present recession; 
and, second, the sustained pres- 
sure to extend conventional 
City boundaries to make vray 
for development on a large 
scale. 

Estate agents Bidiard Ellis, 
despite their recently published 
reservations about the aLtrac- 
tions of City pKwerty as a 
short-term investment option, 
have this to say in their re<^ 
review of the City of Lo^on 
accommodation market in 

1981: 

“ The relative stren^ of the 
market during the current re- 
cession has been due to a con- 
HTining demand for accommo- 
tion in new developments.” 

Ellis go on to point out that 
this factor accounted for almost 
40 per cent of total take-up in 
1981, a considerably higher pei> 
centage than in the previoitt 
recession when business confi- 
dence in the financial sector vras 
severely hit “Althou^ 
OTQwth in institutional bank 
lending is thought to have 
eased marginally last year, 
they say, “ financial firms m the 
City continue to increase their 
spheres of business." 

The City, too, seems to be 
continuing to increase its 
catchment area for new 
tenants. Foreign banks in Lon- 
don, the majority of which are 
located in the City, are 
ported to have increased their 
number of employees by 4.8 
per cent during 1981. 

Of course, there is a sh^ 
end to every market Ellis 
expect that speculative develop- 
ment completions in the City 
will decline from a little over 
18m sq ft in 1981 to around 
1.2m sq ft this year. However, 
even here It could be argued 
that last year’s total was 
swollen by something unusual: 
the completion of Greycoat 
Estates’ 500.000 sq ft plus 
Cutlers Gardens development 
Cutlers Gardens, placed as it 
is on the “wrong" side ot 
Bisbonsgate. is a prime example 
of the' outward pressure on con- 
ventional City boundaries. 

Bb- ^on Harris of the 
specialist City agents Baker 
Harris Saundeas expl^ It this 
wav: “ There has been, over the 


centuries, a natural dev^opment 
of the City from the River 
Thames going north, with bands 
of .development since around. 
1600 whidi even today strict 
large-scale new consbuction.** 

Therefore, dose to the river 
and still relatively close to the 
City’s h anking /insurance core, 
opportnnities for large-scale 
redevdopment have eristed 
south of Upper Thames Street — 
which Is why Billingsgate 
Haiket has been such a tadMng, 
pointy ■ anH why top accounting, 
firms like 'Peat Marwick and 
Price Waterhouse have been 
tempted to locations like Puddle 
Bock and Southwark Towers 
respectively. 

The band north of Upper 
Thames Street to Cheapside is 
a “ natural ” area for refurbish- 
ment hence the doubts- about 
Hr Peter' Palumbo's plans for 
. the island site facing London’s 
Ttfansinn House— which Include 
an IS-floor, 137,000 sq ft net 
o£5ce tower. 


of useful 





Uniteoer House; mrh shanild be (d Hie ^ d . 


£37m 




TBEKENOVA-nONrfTI^^ 


viously • mad© • nnsint^l® ' for 
ofgce»-^to a. suite -fo^ the 
' compands top mmcutives; 

Mr Bert Sii " “ 


KSPUIEBISEdja^ or ^ tijh 
flf eristiim hllflff- 

ings' ss 'an alteiRiativh .Jp V 
end redev^]>. 
ment, is' a :gro^ demen^, • 
-tiie 'priiperfy «worid and ■ 

in partic^L ft 
hccimw an ' attractive- 

BTiy . fflphinatiftP of econc^fe - 

" 'Sind • politic^ 

terins,.rend : 

^ pppiriai^y^.-d m tii^ ■ 

' GoniervatiOQ- 

fa w^sing i y impostaDt*- pst: . 

politirid t^nkmg: V'lhe '' 
Goipoiaiimil's •lat^vnpdA.' sr . 
eonservation areas, "says^/l^ 

Sobert Erims 6^ ; estate ageos 
Sc Ql^tin, . snggests -;thd • 
carraatily ctHiseKvbd -14 per esrt' 

. ghio^ :^,Vier . 

ceo^ -teiqoipoiaihig'^la^ -^ni^ 
of :^teet-^&eet,.-ftudg^rm; < 

St B»4hdiomew’s,;.Ba^, 
bory "CSrcuS; Eastcbeap,' .'St 
Helehr's - 'Place' and TffidjflesSx 

' ’Tyiit 'iflaiins ■ 

-effept;oa'dgyeito gFH^^ •' 

■heagtedly~ . ','coaialfiit!q^{».\-ttat- 


Tnfi ny 

North of Cheapside saw the 
infliiT of the Victorians and 
Edwardians, with purpose-built 
offices in Gresham Strwt in par- 
ticular. The further north you 
go, say Baker Harris, the more 
modqs the buildings become 
until the point directly north 
of London Wall where there are 
only pockets of older construo 
tion. 

Mr Harris says: “Largeecale 
redevelopment will take place 
where outmoded uses have been 
contained in buildings which 
have not been considered archi- 
tecturally importanL" Examples 
include the riverside wharves — 
especially south of the Thames, 
where developers Imve been 
p lanning office spacc in the mil- 
lions of square feet at Hay's 
Wharf, Coin Street, Surrey 
Bocks and Vauxhall: ware- 

houses to the east, and British 
Rail's Liverpool Street Station 
to the north. 

Neither the developers nor 
the subsequent occupiers of 
space developed cn the City 
“friags” take kindly to this 
trend being seen In terms of 
simnie opportunism. Britiish 
Petroleum, which took the 
440, COO sq ft IViiitbread/ 
Trafalgar House development 
on the old brewery site at 
Chiswell Street, saw its move 
there last year as a step in the 
regeneration of the area. 


IIB& •. ' ing'- -conseirvatien 

_ property beehr jso<«eS8ftilto^ 

year in which the building was ii- t^disoose of been hiring v^e: Wilii it, , r 

Usted as being of histon^ Aie £24.2m. spelt on refurbut- ' TKe;m«re -'S^^ ofc:i fic&- 

interest The work wiUn^^^ ^ SiSts Kldare ^ was -<^wl gte,i n tag- is; far 

completed until the end of 1983. St Briars House, By definitioiw therefore,, the passer-by, iiatherj^aB tim occu- 
lt has been a multi-faceted Hoge ^ north company sees an 

operation, mvolvlng what bounded by Dorset to its asset ;valufl. .flrom- the <yrerafll conti qg^ re ^ 

Unilever describes as “prob- Tudor Street and Bride- operation as a whol& . .vation apdvOPqaM^n^^.pC 

ably the laxs^ Place, .are about to ^ <m Sir David Orr, «*Jainnan^ 

,.nTnnii»T refurbisTiment nroject ^ market on the basis of unileven noted eariier ito _.talks 

lease (at a rental of £1.75 bi month that -the ebmpaiiy had y gifr. goarira^*!^^ 
oraall) or sale at an all-in *«iginaiiy con^dered • other facadg. . :^v. 

he said, “ it was fashaoiaHe to w^. ^ 

ReoailS talk 4diout moving out of* oe^ieff ^ ^ 

A«p2U£9 Ix)nflon--infleed some, of our edoncma-ter 

That leaves the refurbi*- imtw,. .^^ting.r^MpaT«fts had .tecmqiy yfe mot, as gear yt 

V iss .tftsY. ini^ seon. . 


complex refurbishment project 
ever carried out in an occupied 
building"; and, in fart, it goes 
far beyond the normal defini- 
tion of refurbishmmit 

By the time it is completed, 
it is estimated that tiie projects 


the existing Unilever 
areas of 230.000 and 190,000 
sq ft respectivriy. 

Built for function' rather 
than style, the new wng con- 
trasts strongly with tiie main 
building which has a pre- 


• i."* 411(3^ 



total cost will be £37m. Of this. That leaves ine leRuwau- larger dperatiiig-cimvames naa..-prviR».v 
£12.8m has been spent on build- ment of Unilever House proper decided to decentralise:” : as tiiey .pti^ .se^ 

ing a completely new nortb-^t a net cost of £9m, all bmng ladeed'tii^- had, ^ did: Birds . y^ -Bskm*- of City .ageoEs 
wing which adds 90.000 sq ft of By 1983, that refiarblg- ipya +n waiton on Thamesr Van says: 

gross space, and 70,000 net to ment will have cost £24.2m ^pn Karghs to Burgee Bail;! -■** iifaiiy .:fM^erg ymee ref uiWah~ - 

existing Unil^er Hp^ gross, breakiiig down BOCM fn . Sa^estofce: I*ever ’ .anoint; .hawtiise. vmi don’t need 

# £2.1m for essential services Btotiieirs to Xte^pn,. eomeht dh this hagfet.” 

(lifts, plumWng, electrical Unilever Export:' to Brist^- 1 'j .^!,^ ^in]wn<mt : is an ' 

eqmpmeiit), n^dacements and among othOT. ^ . . • . c' cSh'^e 

repairs; , j However,., proximity -.to --^tte ' -hr. t& : currently 

has a Tire- • £2im for uew space^ m^d- . . acceptaHe - ^ot . rari^ of 

^va^offices^^ ing travel and commmBcatipns imtionaialipoits;’aI<rag with^ffie .^Mch ineaM 

'mS ™ ■ COTtres which Unilever’s p^- need -for, adequate ttanspori' ^:^ teKe'np-to^ 
!LcitJ»«5Li?hrt?]arirr service team has created by coimmnticatiba networks te imb-./^ .^gyekipmCT^ hngd- 

nSSt^erdMuch *’ as ®*?er- 'internal rebuildnig; sidiaries,.ei^tualIyd^ed-.-fite..i^buUtt6:piwousstanda^ ; 

so^ ^ri^tiSTand acco^te • fl9.6m for improvements Board thar tee b^ c^e- of ' ' 

■ and modernisation including action was te stay in 

But the flexibUity it has conveirion of tee eighte floo^r- with teat- “Mr ‘ Frank B«; . gj, e CftyMock 

brought has been financial as which a Wind attic had pre- px^oosly^^tevblvedtemanag^ Object ‘Of- a eonservatibn 

TT inTie ger*s^ headquarters build- nfd^ ' ft 1$ fi^equently not 
incs since 1960. took oh the job puB ft 

of ,£aU i- am© - reiKBte^^^ Sbim ^ sl^ «g^ 
trollffl'. Cmnmemal aspects of Bakeii is de^te tee in- 
this, he Says, involved conv^-'' g^tional - ' mve^ent aspect 
ing ■“ a previous low ustele.' new buildings td, 

area to a good average factor. extent teat they wiU be sold 

on a yield trf 5 per cent, against 

■ • Windows . . my^ cent for tec le. 

Reducing theT'nnmber of ^ 

bloifics of ^Savatorics- ftenx 

per floor to three, j? limiiin g in bmWing Irt:aV£g a fo^^^ ■ 
-extra irindows to: anprove; tee 
ei^te floor and putting in 70. ly worth ^Qm 
odd extra windows' in tee back tioo^ - 

waU of the bufldfing aH made it Jess 
«p^e of more WS. ^ 

A. ruimlyc of other planpi« tedeveibpmtat- 

conrideracons. . were invmvM,, wAnhishment -squation. ' .. , 

-BfeckfEiate gt&agxted to it A tww buiWmg, . . 
Emnankiii eat. -- say, should aim for . a -aset 

After tba^ Mr 3^ -it jatio of 80 to 8? per 

was a caee of getting ^pecafica- a reforlutemeift, ^ 

tions to .mahii tee ronsidera- gg^-Joge as madi as 35 per.q^ 
tiens and attitudes of mai^©- of tee gross. - ' -•-i 

ment and- staff, putting togeiteer ' ^ nw 

a budget based on these speci- ft ™^a nte3nette^ 
ficatioos and— ^ course-gett- 
ing the budget past tee Board. **®®5®* ® 

Desiga consultant T^ieo centre of tee UK insoraBce 

Crosby of Pentagram contri- 
buted both to tee ext^ior and 
tee interior — the latter wite a 
theme relating dosdy to tee 
orighial Art Deco - styHng.' 

Marble, oak and gla^ bato 
b'ete used to good eS^ in, tee. 

new entrance. halL . .-- -^ • 

Mr Cto^ says: . “ Most- redeveiopment .. opt^ 
people nowadays tafcp a :'sbort* Wherw . it doite not; - te . 
siteted view fd the building stiU a- great huinber_ol . . ^ 
and tee choice of nteteiials .to whidi.are 
used. It is rare to dnd a com-', ing '.yuteiode^' Jnemm^t'v .•S® 
Xiany with tee foresi^t .to ' 

.Sv« in tee be^ 5 ttteriate , <Hxmpier - and tee landlord, ^ 
which will eventually repay. ()^ rourse, tee tenant 1^ ^ 
the expedse of the. oxigmal .oat- option to move, oat, and. : 

lay. Aft^ all," he cdnctede6,‘ 'lmiteord . could ', just. ^ ■ 

“-oak- and marble wefe' first.', .proper^ . deteriorate;: 
used in Unilever Houso ' 50 neltemr of teese options ;see|j^ 
years ag©. and have lasted - wiv to make . - 

remarkably .wriL” ..s;-... . - piinte- 9 oce. . ' j . .. 



.. V. 


Our most valuable 

property is our name 

Chestertons 

Chartered Surveyors 

For all (xinimercial property 

Industrial • Offices - Shops • Investment 

2S Queen Street.LondonEC4RmB.01-248502ZTete 

75 GrosvenorSteet,London WIXOJB. 01499 0404.Telex: 8812560. 


Ready for occupation: the 113,000 sq ft Fifisburp 
Court is the largest brand new building available in 
the area, say its agents 

Finsbury Court 
on the market 

FINSBUR'V COURT, just out- teat part of the latter involved 
side tee City proper on the refurbishment of older property, 
comer bounded by Ropemaker The cmer site, adds David 
Street and Finsbury Pavranent, . Leppard, of Strutt t .Parker 
EC2, is a brand new develop- gives Finsbury Court very good 
ment— just finished, now ready “ day lighting ” and good blodk 
for occupation and only a width, which should- make it 
matter of days on tee market very flexible in terms (s parti-' 

The development is jointly . Lwatioi^ quafity itf 

ovwSd Steckham Invest- building and ^ ^b-dwirion 

owueu via oiuwu*»u are reasons advanced Tor n rent 

white — .teough not quoted in 
terms of pcnmds per square foot 
—is clearly more tiian the ave> 
age that “fringe” development 
would expect to ateieve. 


industry and no strangeF-itoto^ 
tzuvmsy in recent- yeas»^^ 
its 1928 bdUding and 
redevel<H> - the. -. Leade ujalr . 
.Street ate -fo :an.uiti»4Bo«ni 
.design." ■■'.•''V'*? 

.Howe^, derisions 
can.be taken only .whris^tee- 

.-©BStS. 


MSSon'sq.ft. 
8 



ments by Oldham Estate and 
Stock Conversion; the freehold 
U owned by General Accident. 
The building comprises U3,(K)0 
of net space, of which just 
under 100,000 sq ft is office 
accommodation. It has full 'air 
coudiUoning, six lifts and 20 
car parking spaces. 

Joint letting agents Strutt 
and Parker and D. E. and J. 
Levy are looking for an annual 
rental of £2.45m from a gtesla 
tenant, and say teat they have 
alrea£r attracted interest, from 
iotematiional companies uhong 
other potential occupiers. 

Ihe proponents of Finsbury 


SensitiTe 

Mr Leppard acknowledges 
that ' traditional City- tenants 
are extremely sensitive about 
location, and that .Finsboiy 
Court is not in the main finan- 
cial area. Howev^, other 
observers have noticed signifi- 
cant gains in “respectability” 
for Finsbury Square slightly 
further north, mth- names like 


Court, not surprismgly, have a Merrill Lynch and Antony Gibbs 
number of strong points to make adding quality to the covenant ' 
in its favour. It is very close to So. north of centre -or not, 
BFs Britannic Bouse West in Finsbury Court has .already 
Chiswell Street, they say, and attracted interest from banks, 
adds strength to the argument not to mention trading com- 
for regeneration of the area. panies white are not- neces- 
It is, they continue, the largest sazily associated with the City 
building in the area white is at alL “A comprehensive do* 
currently available brand new-^ velopment to a certain extent 
a definltidn - wbidi excludes creates - its own .value,” . Mr 
Cutlers Gardens on the grounds I^eppard says. 


. : .. -.-ji' 

OT.-.Tolafu¥ufcbiBty€Mjhg,.«j.; 

^.cicidiyear' 

M 



HHnionsq.fl. . 
«r ; ■ 




,1-Ok 


Mh 















1982 


I, 




POLITICS TODAY 


Lombard 


U-turn no one noticed 


By 'Malcolm Rutherford 


- ■••a; 
■•“3 


-'E-^ 




■■ '^E-'-.v 

"-^s— . 

“-•ffic/f 
;'f| 2 r , , 

■•■3 ii" 


■:;.atf'V 


. ONE OF . file acU^enKotB of 
' BIes' . TEtattdtor’o. Gbvermbent 

S ix 3^8x- we\!snne^g 
^<w. tatf tbe ■ way 

has tbe intel* 

cBsiate. 

iiMirseb ^.Mrs- Thatdier's 
1- ykitonr in -1979. was a 
a dBase that was 
. taking and jtm 

• .Sie CoB9»vatiTes capi-, 
was -a reaction* 
•^pa^ InieEvidittoiii^ coBec- 
'•'^^gc^ttke.pdwfe trade 

and. 'probably again^. 

years later,' it-4s 
/^jHaaricaMe how long this wy^yj 
'.-. jSqs'^h^ austained. nie Govern- 
.-. itfent^aiay-liaVelbad f^.visible 
i X^cees^ ibot there fat^ not on 
' ;dfife idiole-been a retreat to the 
. ^pefittol‘-:attitudes;o£ the past 
•, ’?r>»jralce two rebent ozamples: It 
ooQtiastmg the general 
1*> Itie'. frain drivers*- 
'j.*!Ai9e'Witii that to .the collapse 
\- f^: jU iker-.. Airways last week. 
-s3pf^.' appears to be very side 
V'ss^paitfay for Mr. Kay. Buckton 
. train, drivers' ttnion, 

JAdaf. ahqoet ho demand £or the 
>Qrime IQiiister to step in and 
-:«t|le the (hspute 'beer and 
gstOdWkdtes at No 10, and none 
• SfitfiiiLjPor hnying it o£F with -a 
'VfCV prore' million pounds. 
r'i^I^ere was very little demand 
. forrsherihg tq> Laker Airways 
. • either. It seems .to be accepted 
;. market' economy — 

. ;^e< OT of- tiiat is a 

• V.jC ^s^ .to itself— tiiere' will be 
. -;^^ares! as weQ as success^ 

: ^B^.'tfaere -was a , 'good' dead of 
for whsft Sir Freddie 
.gi^.,was trying to da* bring 
i^iaeaper mr travel : to a wider 
'^ttrdon . of the ..population. 

the Empathy here is. 
he newer thcbnology. azki 
in . Britain are coming to 
m as a thing of. the past: 
g^ would be signiii^t. 
sympatl^ is.' also un- 
. . doohtedly 'with the private 
^teetdr. -- • - 

.':a'Iffhe other: example is the way 
Sc^al Democrats— or most 
them-^tius week threw in 
.-^•fbev lot with the Conservatives 
4tpn^ti)e. general prindides. of the 
' adBw Employment BilL ihat is 
.^i}n<^Eher major development and. 
,1^. least, a tribute to Mrs 
.j;^fT!ba^er, 

.. I ' yet if it ‘is true that tiie 
•biBrinie Minist^s brand of Con- 
...'betratism .continues to domu> 
'Tiate ti)e eiimate of opinion, eves 
- if not all Tories realise St, 
iill^ere is still the question of 
happens next,: 

j^'in the 'early days of the 


Government there was a teu' 
oency to believe ftat if -yon 
•looked . after the money supply, 
everything else would look after 
Itself. Economic growth would 
oecor spontaneously or as .Efr 
John Bxffen, a- libertarian then 
at the Treafflny. put it: people 
' might elect to spend more' time 
on file golf course as a matter 
. of bonscious dioke. 

; Al that .lir' slightly unfair to 
Sir -Keith - Jc^ph,' the main.' in” 
teDectual arehltect of the 
: Government's rerly period; -Sir 
Keith's ^rindpri.conMbutiim to 
tte subject, written whiSestbe 
Tones were in oppositioto. 'is 
actoally caned '‘Monetarism is 
not enou0i'** and it stands up 
well to re-readix^ today. He 
wrote that hi addltfim to mone- 
torism. public expenditure 
raoBld he -controlled and old 
industry no Icmger subsidised. 

But there - w'as confusion 
when Sir Keith was Secretary 
of State for Industry. On the 
one han^ he continually. deUed 
his own principles by handing 
out money to those <^d indus- 
tries he had previously, con- 
demned to the scrap-heap. On 
the other, aiij'thing to do .with 
planning or public investment in 
the new . teehnoldgies was 
heresy. 

Looking back .to the Cabinet 
reshuffle last autumn, it is now 
'dear that the departure of Sir 
Keith from- tite ]tepaxtment of 
Industry was seminal. It was, 
if you like, the famous 'U-tum 
' which many' people had pre- 
dicted, though not in Chat way, 
and wh^ hardly anyone 
noticed when it happened. 

.True, Mrs Thatcher also got 
rid of some of the wets and 
Tory 'grandees— Sir Ian Gil- 
mour and Lord. Soames, and 
Lord- Thorneycroft at Central 
Office. Yel it was a mistake at 
the time to see that as part of 
an argi^ent between wets and 
dries in the Cabinet over 
.economic policy and how much 
redafion was needed in the next 
Budget. 

The stgoificant factor is that 
there is .now a' Cabinet, some 
of whose key members believe 
in Government intervention in 
industry, in planning, in selec- 
tivity in promoti^.-. industrial 
sectom and piujects— almost 
indeed in backing winners— and 
even in dtriguiiie, French or 
Japanese style. Their approach 
to the economy is that of the 
technocrat rather than the 
monetarist— much like Mrs 
Thatcher herself. 

Mr Patrick Jenkin, who 



replaced Sir Keith as Industry 
Secretary, is the most obvious 
example, but there are others. 
Mr Norman Fowler, now at 
Social Servicee. is one; so is Mr 
Cecil Parkinson, now the Party 
chairman. 

There has also been a resur- 
gence of some senior civil ser- 
vants. Sir Peter Carey, who 
seems to have been Permanent 
Under-Secretary at the Depart- 
ment of Industry almost for 
ever, is now back in the busi- 
ness of selecting new technolo- 
gies to foster. 

One of the reasons for the 
change was pladniy the 
approach of the general elec- 
tion. Having presided over the 
doubling' of unemployment and 
a severe reduction in industrial 
output, the Government bad to 
find something to claim credit 
for. The handicap was that 
under the popular concept of 
Thatcherism it was difficult to 
seek praise for having main- 
tamed the National Health 
-Service or pumped public funds 
into the modernisation of 
British Leyland in spite of the 
recession. Thatcherism was sup- 
posed to cut back on all fronts, 
except defence and law and 
order. 

In ' fact the Goveromeni 
behaved much like any other, 
but did not say so. Tt is now 
trying to make a virtue of the 
way it continued to ^end 


money: for example, by in- 
creasixig the number of doctors 
and nurses, or contributing to 
the age of the robot 

There is another force at 
work whirii may be even more 
fundamental — the realisation 
that the recession is so deep 
that it is necessary to try to 
make a virtue of that The steel 
industry, for instance, has been 
drastically reduced: the rail- 
ways might be. Why not capi- 
talise on the reality and seek 
to . ensure that the economy 
that emerges at the end of the 
recession is science-based, com- 
petitive and capable of surviv- 
ing reasonably well for the rest 
of the century? 

It is more easily said than 
done. The Government has to 
live down its reputation of not 
wanting to look ahead and 
avoiding long-term projects. 

' There are, however, several 
factors on the Government’s 
side, if it chooses to use them: 
for instance North Sea oil re- 
venues. It is striking how sel- 
dom one hears calls for them 
to be committed to a special 
fund (say) for 'the regenera- 
tion of British industry. The 
truth is that the revenues are 
being spent as they come in 
and that future revenues are 
already committed as part of 
the normal pattern of public 
expenditure. 

That is not necessarily bad. 


Without North Sea oil and gas, 
the British economy today 
would be totally different, 
whether one is talking about 
the exchange rate, import con- 
trols or practically anything 
else. What has happened is 
that the revenues have acted as 
a cushion during ah unusually 
.<:harp recession. You could say 
that they go a long way to- 
ward.s em'ering the costs of un- 
employment benefits. They 
allow for a major economic 
transition. 

In that sense, the Govern- 
ment and the country have 
been incredibly lucky. Tbe 
Government has been lurity in 
other ways too. If the vote 
on the pa>' award at BL Cars 
late last year had gone the 
other way, the company would 
now almost certainly be in 
liquidation with incalculable 
political consequences. If the 
miners had voted in favour of 
strike action last montii. there 
would npw be a serious political 
crisis. In the end the Govern- 
ment scraped through, probably 
because the recession concen- 
trates the mind on. protecting 
jobs. 

The Government has also 
been lucky in the longer per- 
spective. It came to power at 
a time when some of the 
changes introduced by its pre- 
decessors were producing 
results. A large pan of the 


electorate was no longer influ- 
enced by memories of the 
Second World War and 
grandiose ideas of Britain's 
role in the world. It was begifr 
ning to come to termi with 
Europe and the place of science 
and technology as promoted by 
the earlier expansion of 
university education. Tlie pro- 
cess of - embouTgeoisfication 
continues apace. 

Tbe rise of tiie SDP-Uberal 
Alliance owes a lot to all that. 
The profile of tbe 8DP suppor- 
ter is pro-Europe, iwb-science 
and technology, pro-higber edu- 
cation and even, lo pick up the 
Thatcherite term, pro4illowing 
management to manage. He or 
she probably concludes that the 
state of the eountxT' is not all 
that bad. provided toat we go in 
for a few managerial improve-' 
mems. 

The qnestioD for the Govern- 
ment is whether it can rise to 
tbe challenge. Having spent the 
first three years proclaiming 
supi^sedly self-evident truths 
about good housekeeping, can 
it produce a blueprint for tiie 
future? It would not take much 
in terms of public expenditure: 
completing die roads pro- 
gramme, a new emphasis on 
higher education, a coherent 
energy policy including the 
development of the Belvoir 
coalfield in a way that would 
encourage the miners to agree 
to the closure of uneconomic 
pits. 

Given the Government's past, 
it wiJ] be difficult to do. Yet 
there are distinct stirrings in 
the Cabinet which suggest that 
a change of approach may be 
under way. T?ie Government’s 
main fault so far has been an 
obsession vrith vdiat Mrs 
miatcher and Sir Keith Joseph 
regard as the failings of tbe 
past. It has yet to give an 
impression of what it thinks 
Britain around 1990 could or 
should be like: 

Don't look for too much evi- 
dence of change in tbe Budget 
next month though the Chan- 
cellor is an innovator of a kind. 
The changes will come if they 
do in such areas as transport, 
energy and industrial policy 
sometime before tbe summer. 
AH one can say now is that the 
technocrats are beginning to 
take over. l%at is 4iot neces- 
sarily unwelcomed by the 
Treasury. Dirigisme British- 
style may be on the way in. 


How to revive 
Europe’s unity 


By John Cherrington 


DEFENDERS of the Common 
Agricultural Policy claim that 
it is the basic cement of the 
unity of Europe; that it ba$ 
ensured European food stqsplies 
in an uneasy world, and it 
has saved the small formers of 
Europe from eranoimc disaster. 
This is r^ieated od nauseam by 
many interested parties, from 
fanners to the bureaucrats and 
members of the Cbmraission 
itself, aD of whom to some de- 
gree are drawing sustenance 
from this sacred cow. 

Far from being aa inspiration 
for unity it is a potential 
catalyst for the dismember- 
ment of what unity Europe 
enjoys. The present quarrel be- 
tween Britain and the otiier 
nine members is almost entirely 
due to the need for a budget 
large enough to pay tiie costs of 
the CAP which takes between 
60 and 70 per cent of the total. 
Britain untortunately ''does not 
have a large enough farming 
sector to benefit from the CAP, 
and under the present formula 
will always be a substantial 
contributor unless rebated. 

Were it not for the CAP ip 
its present form the amounts 
needed would not be so large, 
and this particular cause of 
friction could be attenuated if 
not completely removed. 

Great bitterness is being 
generated among member 
states by what are called 
national aids. These comprise a 
whole kaleidoscope of . means 
by which governments look 
after their own farmers. All 
countries are guilty to an ex- 
tent. The French, are' the most 
open offenders with a whole 
series of measures which vary 
from subridised interest rates 
to straight cash payments. They 
also tolerate such ille^ acti- 
vities. as interfering with com- 
peting imports and even 
stopping certain imports alto- 
gether. 

The Dutch by keeping down 
the cost of fuel to their horti- 
culturalists are giving them an 
unfair advantage. But tbe 
British have joined in the gmne 
by using certain hygiene and 
disease regulations to prevent 
importation of milk abd porultiy 
products. These are examples 
of an accelerating trend. No 
member country appe^ lo be 
prepared to see a secstlon of Its 


farmers go to tite waU in the 
interests of European UBhy 
whatever the rules on free 
competition laad down, in the 
Rome Tre^. 

The auger aroused by these 
activities causes great resent- 
ment which is as divide as an 
oubright attack on European. 
*1111100 would he. 

Apologists for the CAP point 
to the food shortages world- 
wide compared with the plenty 
in die Community as being its 
one ^eat advantage. This is a 
fallacious argiment. Shortages 
are occurring in the Communist ' 
blo^ but mainly because of 
the basic agricuRmral 
inefficiency of many GonuxmniA 
regimes. There are no .riiort- 
ages. rather the reverse, in the 
UE. and many other free world 
countries, where incidentally 
price levels are well betow ifrase 
ruling in the CAP, 

In this connection some .of the . 
statements of the pro^narieeteexs 
deserve dose examinatgoti. ^ 
Fred Otherwood in a recent 
letter to Ihis paper stated that 
the butter moontain bad sow 
dwindled to no m<»'e than two 
days' supply. The cost of shrixik- 
ing tbe surplus to this level, 
which in any case is under^ 
stbted because the figure refers 
only to butter in piMIc stores, 
amounted in 1981 to 
ECUs 3,653m or £2,223m-^£90 
for every cow bi the Commimsty 
herd. ' 

Any benefits which the very 
small peasant farmer has 
gained from the CAP have been 
purriy coincidental. About bailf 
of them left the land, being 
drawn into iiidustry by . the 
economic prosperity which 
ended vrith the first oil price 
rise. Ninety per cent of land 
reforms have been due to 
national policies -carried out 
with national, -fonds. Oidy 
farmers with sufficient acreage 
to become economically viable 
have'benefited from CAP prices; 
the larger th^ are the more 
they have benefited. 

Overall, national interests are 
bound to gain stren^ in Euro- 
pean agriculture particularly 
with the admission of Spain. 
'Would it not be better to recog- 
nise this and allow the*CAP as 
It works, at present to wither 
away? Without it there would 
be little Idft to qiorrri ttoont. 



.■■-JUiUlfii-. 


Letters to the Editor 


^ematives for- customers crossing the Channel 


; y^r om Wr A. Gueterboek 

;:b*V^S6-^Mr Shovelton (Februaiy 

■ director general of the 
t >%aarar Council of British Ship- 

'^1^- 'States' that the Dover 
'' Haihour Board has bhe capacity 
■' Tsto usa bettgr and more efficient 
iMSarnes.and improve load factors 
su^ -.ah extent .that it can 
'jirtope-with. -the;^f^ traffic. 

^ aafito tnany years to come, at con-. 

. VdOideffably reduced fares in real 

..r^i^ .samei argument was used 
'tbe.-.bross-channel sea ferry 
;:^iergtl6ns .when the Channel 
tunneT scheme was abandoned 
.tfflj - l97d.---..Tbe: new generation 
FTfif ships.' would be laiger, more. 

• .sdafficient and. therefore, provide 
'.tA better standard of service at 
■^sarhbaaper fare. 'What has ha^ 
,:t.>:Peaeii? Overall,, fares have in: 
t.israased by more than inflation. 
I'.fiUtiiOugb, as would be expected, 

. cUravnUizHg ' • ;mid-veek in the 
. ..winter is.-a baigain,. .travelling 
. .yVi^urh<g the peak 'snimmer season 

- ■ ■■• ■ - 

symptom 

'* ike General Manager, 

.'^%'ifisfi Soil fSatiihemJ 

Sir^f^ton McClain’s article 
.*iSoutherij-^A. System "Under • 
f Jltfess^* (February 4) begs more 
^'lluestjons khan can be answered 
. .-Nfm a single letter, but to say that 
,^ie Southern Region Mah^e- 
."Ineirt. is- " faltering ” is not an 
■ • itnpressiwi I .'have formed in 
■ ray .^short .'time as General -, 
' i^ansger.' - It' was ' not ^ared - 
eiSier by the. UoDOpolies and' 
TMergers. Commission who in- 
= vestigated British Rail’s London 
■j. sind South East services very 
- thonwghly. 'Commenting In their 
' report' that -overal] “w were' 

: impressed by the Management 
'■•''We met at all levels” who were 
V“ loially dedicated.” • 

To; pick up . one point; the 
i arOcle talks of shortage of inf or- 
.1 inatiM available to -passengers.: 

.The’Re^on broadcasts. live up-. 
Xte^the^unute- repwts on its 
serin^ throughout tbe moining ‘ 

: and evening peaks on ceit^ 

•! local radio stations and supplies 
' information to others. . There 
is sometimes a problem at 
; station level and in the pest few 
’ weei^i.we, lave ewried .out a . 

: -cami^ii^ to underline' to oiir 
. staff. ^ impmtauce of keeping 
the passenger in the picture. 

QtL:.: the . same page, there 
' append another article about 
.-the.SbatbemS^6n. This time 
, by Itaymond Snb^. Without 
; wisStRg.to'gqi by4r'g^und well 
• cove^ by:o&e^-I would like . 

' to i^ond to 'the 'Statement that 
“ maiQf T^waymehloelieve their 
. ennrelife.styleisusderthreat ” 

■ from'., ‘variable rostering: This 


is extremely eiQiensive. Com- 
petition between the ferrire is, 
at present, responsible for the 
fare structure and veiy low load 
factors. The construction of a 
rail operated Channel tunnel 
will add.fuctber competition and 
thus prevent ' fares rising as 
much as tiiey -have done in the 
past. . 

. Mr Shovelton also cl.aJins that 
the ferries provide aronnd-the^ 
clock services, carrying all kinds 
of. traffic including the largest 
lorries allowed on British -roads. 
“ No tunnel,” be says, “ could do 
this” 

. i regret having to disappoint 
Mr Bbovelton,. but a. Cbannel 
tunnel with- roU-on roll-off 
facilities for road vehicles, is 
not, only capable of providing 
an around-the-clock, aU-wea-ther. 
rerifice, but; Wtih- the exception 
of. vehicles in the category of 
double-decker buses, large fur- 
niture pantechnicons and special 
heavy duty transporters, will' 
accommodate all standard com- 


merci.al vehicles allowed on 
Britilh roads. . 

As to whether we are 
prepared to "put our money 
where our mouth is ” we would' 
not be promoting our three- 
phase,* seven - metre diameter, 
bored tunnel, unless we were 
cottfidenf that we could raise 
tbe required private capital in 
. accordance with the Government 
guide-lines, I%e only guarantee 
we would require from toe 
Government would be of a poli- 
tical nature. 

"Whereas toe sea-ferry services 
on the ^ott sea routes will be 
able to cenexist alongside our 
proposal for a Channel tunnel, 
it will introduce toe element of 
alterhative choice for customers 
which the sea-ferry tmeraton^' 
It would appear, seek to., deny 
them, 

A. F. Gueteihock. 

Channel Tunoel Developments 
(1981), -• 

27, Hammersmith Grav^ W4 


is simply not tbe case.- Variable 
rostering 'will allow more rest 
days and enable staff to group 
days off to give longer breaks 
ffom duty.' This will be accom- 
panied a determined effort 
. by management to reduce the 
incidence of signing on or off 
duty ‘ between midnight and 
05.00. The facility to exchange 
shifts will- 'still exist - Local 
'cego^tions- would precede tbe 
introduction, of. this, form of 
rostering so that any objections 
rcan be thoroiiehly disrossed and 
any fears dispelled. 

. Improvement In productivity 
is the key to the future of rdil- 
ways jii Britain.. Contrary lo 
the views, expressed by some, 

' there exists .a "very , smeere 
desire by the Railways Board to 
keep up tbe tpomenniin of im- 
provement to worldng conditions 
and pay levels for all its worie- 
force. 

p. D. Kirby. 

Waterloo Station, SEI- 


The multi-fibre 
airangement 

From the Chmrman, 

British Ctothtrtg Industry 
Association 

Sir,— The ' UK textiles rand 
clothing industries have esti- 
mated tiiat tens of thousandstof 
jobs are at risk because of what 
.we. see as an arbitrary decision 
to base quotas. under. MFA 3 
(wbi^ run from 1983. to 
1986) on 1982 quotas. These 
were -agreed, back in 1877 and 
bear no relation to current 
trading .patterns. The differ- 
ence between • 1980, tirade levels 
(the last year for which figures 


are available) and 1982 quotas 
is some 55.000 tonnes of textile 
and clothing products, the 
equivalent of the annual output 
. of some 30.000 people in the 
UK industry. 

Tbe EEC teils.ns that it would 
be contrary to its legal obliga- 
tions to negotiate quotas on 
the basis of toe most recent 
trade figures, although this was 
done when MF.A 2 was nego- 
tiated and quotas .were based on 
1976 trade, levels. Viscount 
Davignon, EEC Commissioner 
for Industry, maintains that we 
have granted access for 1982 
under MFA 2 and that despite 
.the- enormous headroom 
between this permitted access 
and what ^ is actually being 
shipped, "there can be no new 
start. The UK Government has 
conceded this point 
. The U.S. Administration, 
however, also about to coip- 
mence MFA bilateral negotia- 
tions with its supplying coun- 
tries, is stating quite cate- 
gorically toat when [t an- 
nounced -in Geneva that it 
. would not be seeking cutbacks. 

' it meant cutbacks in actual 
trade levels and that it by uo 
means, excluded the possibility 
of negotiating quotas for 1983 
lower "toan 19^ quota levels' 
and more in line with actual 
trade levels. 

.Peter Murphy, President 
Reagan's chief textile negotia- 
tor, is reported as sa}-ing: “If 
.the. quota is under-utilised, we 
don’t feel obligated to negotiate 
on the base of the prior 
quota ...” If the U.S. can take 
. itois line, why cannot the EEC 
do the same? 

N. F. &issman. 

14-16, CoekspuT Street, SWl. 


Leyland and Bathgate 
decisions 

From the Executive Vice- 
Chairman BL, and the Chairman 
■ LegUmd Group 

Sir,— Your article of February 
1 1 concerning the three-week-old 
'Strike 'at Leyland and Bathgate 
-W88 generally fair but contained 
one major maccuracy. 

. Your reporter stated that Sir 
Michael Edwardes, at his meet- 
ing with northwest. MFs earlier 
this week, had “apparenUy set 
no fixed deadline for a solution. 

. . . According to union repre- 
sentatives Sir Michael had not 
mentioned this as a threat but 
as a commercial facL” i must 
point out that the union repre- 
. sentatives were not present at 
tbe meeting. 

It is true that no threat was 
issued but equally Sir Michael : 
said it was a commercial fact 
that Leyland Vehicles could not 
withstand a long strike. 

FolJoiring a meeting of the 
BL Board on "Wednesday 1 can 
say that because of toe enor- 
mous losses being sustained the 
future of toe Bathgate and Ley^ 
land plants must be decided 
within the next week. 

The empltqrees will decide for 
themselves -when they vote at 
mass meetings next week 
whether to press ahead with the 
recovery of the buriness or 
whether we should move out of 
toe truck business. 

D. R. G. Andrews. 

BL. 

35-38, PoriTTUtn Square, W2. 

A grass roots 

initiative 

From the J^Iational Branch 

Organiser, 

The Freedom. .4ssociation. 

Sir,>^nhn Lloyd’s Itf oimative 
and balanced article on the 
Walsall dinner ladies “ i just 
got stubborn. . . (January 
29) contains two errors which 
may interest both him and your 
readers. 

Firstly Ross MeWhirter did 
not oomact the dinner ladles. 
He is dead. It is his twin Norris 
who is the deputy chairman of 
our asociation. 

Also -the Initial badting for 
the women, came from our West 
ifidiandft branch not our head 
office. Councillor Mrs Vera 
Jones, our branch chairman, 
determined to raise the neces- 
sary money for the Industrial 
Tribunal hearing. 'Subsequently 
the association ran an appeal iir 
its journal whicb raised £1.400. 

Tlie Walsall case was a grass 
roots initiative. 

Gerald Hartup. 

The Freedom Association^ 

Avon House, 

360^66 Oxford Street, WL 


It may not have escaped your 
notice that our parent company is 
the foremost manufacturer of ’ 
rolling bearings in the world. 

The reason that SFCF was 
founded in Sweden back in 1907 
vas that imported bearings 
weren't up to scratch. 

Partly because of unreliable 
raw materials. 

So SKp set out to make 
Swedish bearings from Swedish 
steel, long recognised as the veiy 
best available.' 

And, wishing to have total 
control over every stage of 
production, the logjcai thing to 
happen was for to a^uire its 
own steelmaking capability. 

Which is how the S KF Steel 
Division came into being. 

Over the years it has gradually 
refined its t^hniques. resulting in 
the ext.rerhely sophisticated SKF- 
MR process which produces only 


the very purest steels.' 

Those sipecial steels are used in • 
the manuf^'ture of SKF bearings. 
But that's the smaller part of total 
output. For it was realised long 
ago that ver\' many other 
industries need materials with, 
e.'iactly the same inbuilt Cost 
saving qualities. Such as higher 
strength, bettermacbinabilltyand 
greater dimensional consistency. 

So a worldwide network'of 
SKF Steel subsidiaries was 
established. Including a major 
investment in our Service Centre 
facilities right here in the U.K. 
From which we are also supplying 

SKFStedLtd 

The Special Steel Specialist 

NeacfieOs Lane. Wednesfield, Wotvetoampton, 
West .Midlands W\'l 1 30F 
Telephone: 0902 737437 Tetec 336733 


quality British steel products to 
our customers and our overseas ' 
sister companies. 

If you're a steel user— 
especially of the 'special' grades- 
then we're sure we can offer you. 
superior products with service to 
match. Particularly as our recent 
move to the West Midlands has 
more chan doubled our 
stockholding capacity. 

Write or'phonC today and we'U 
be happy to show you why our 
existing customers reckon we’ve 
got a great deal to crow about. 







iDSEF 



20 


Canpanin and Markets 


UK COMPANY NEWS 




Dowty Group down to 
£15.7m at interim stage 


Weber 


pJDUSTRIAL ACTION extend- 
lag over several months and 
culminating in a strike al tbe 
largest of its aerospace and de- 
fence companies, contributed to 
lower pre-tax profits at Dowty 
Group in the half year tn 
September 30 1981. 

The figures show a fall from 
£19.C5m to £15.7m m pre-tax 
profits but turnover moved 
ahead from £160.27m to £161.2m. 

The interim dividend is 
effectively raised from 1.47p to 
1.55p_Iast year's total was as 
adjusted 3.33p. 

Sir Robert Hunt, the chair- 
man of this holding company 
which is divided into three 
divisions, aerospace and de- 
fence. mining, and industrial 
and electronics, says that sales, 
while higher than in the second 
half of last year, are similar to 
those of the first half with an 
increase in export and overseas, 
accompanied by a corresponding 
reduction at home. 

Margins in the aerospace and 
electronics divisions were not 
expected to meet last year's 
levels but are significantly 
iou'er than planned for a variety 
of reasons, he says. 

Both divisions arc investing 
heavily in new product develop- 
ment arid the production 
facilities needed to meet in- 
creasing competition and to 
maintain the company's tech- 
nological lead. He says the new 
business thus generated is 
taking longer than expected to 
reach acceptable levels of profit. 
In addition, there has been a 
reduction in demand by the 
Ministry of Defence and from 


HIGHLIGH1S 


Holdings 
advances to 
£181,368 


strong 





On a busy day for company news Lex studies the latest 
figures from Imperial Group. Profits for the year are £20ni 
lower at £l06m and Uie group is taking a long hard look at 
some of its activities. The column tlren moves on to consider 
the interim statement from engineering giant Dowty which is 
heing hard hit by the fierce competition in the aerospace 
market. Prints, wdricb are down from £19.1m to £15.7m, f^ded 
to show their usual resilience and the market price eased 8p 
to ll6p. Meanwhile Lonrho found time to put out its full- 
year figures in between discussing the future of air travel with 
Sir Freddie Laker, Pre-Tax profits from the group are mar- 
ginallv up at £l20.6m. though at tiie attributable level there 
is a setback. Finally Lex looks briefly at the prospectus from 
the Government’s offer for sale of Amersbam Internallonal, 
the radioactive materials maoufacturizig company. 


TAX.4BLE PROFITS of Weber 
Holdings* investment property 
bolding coQcero, finished 19S1 at 
£181,368, compared K.ith £l%'0.525. 
after ad^ncing iftarginallj from. 
£84.275 to £86,952 by the inierim 
stage. 

Although the . directors 
expected to pay a net total, divi- 
dend similar to last year’s- 17p' 
they are, in fact, stepping up 
the paymeDf by 3p to 20p per 
5Dp share with a same-agaiD 
final of I5p. , „H« 

Tax for the vear took £84.715 
(£74.&4Sl leaving a net surplus 
at £98,653, against £85.876. 


commercial customers overseas 
for products already lo pro- 
duction. 

The effect on profits of these 
programme changes would_ have 
been less significaot had it not 
been for the industrial action 
meotiODcd earlier. In order to 
meet customers' requirements 
during Ibis disturbance, turn- 
over was maintained at a 
reasonable level but at the 
e.vpense of margins. 

He says the mining and indus- 
1r»al divisions have done well 
to improve their margins over 
the year. Business with the 
National Coal Board has re- 
mained at a low and static level 
but overseas orders for mining 
machinery, particularly in the 
U.S., have held up well. 

The half-year pre-tax figure 


was struck after associates earn- 
ings of £75,000 (£54,000) and 
interest of £715,()00 (£87,000). 
After tax of £4.6m (£4.94m) 
anributable profits were down 
from £l4.Um to £11. Im. Divi- 
dends absorb £3.14m (£3.97m). 
leaving retained profits at 
£T.96m (£11. 15m). Stated earn- 
ings per 50p share were 5.5p 
(7p) on increased capital. 

Of the turnover figure, over- 
seas and exports accounted for 
£79.33m (£73.96m). Sales and 
trading profits by divtsion were: 
aerospace and defence £75.07m 
(£61.34m) and £9.S9m (£10.72rai: 
mining £56.7m i£69.34m> and 
£4.66m r£3.63m); industrial 

£16.79m t£l7.14m) and £l.3.3m 
(£1.13ra): electronics £12.$4m 

(£12.43m) and £604,000 (£1.41m). 

See Lex 


American Oil 
Field Systems 


IN rrS first year of operation 
American OU Field Systems 
reports pre-tax profits of £613.083 
for the vear from September 8 
1980 to September 30 1981. 

The directors are recommend- 
ing a first and final dividend of 
1.25p per share. Stated earnings 
per share were 2.33p. 

Tlie company reports that 
independent petroleum con- 
sultants have assessed the oil and 
gas reserves in which the com- 
pany has interests. Based on 
.iheir report the directors cal- 
culate that future net revenue 
from reserves should amount to 
S92.7m undiscounted and to 
846.5m discounted at 10 per cent 
per annum. 


the PBRFORILINCE of 
Imperial Group - in tbe second 
half of tile vear to October 31 
1981 has been better than 
expected. At midway similar pre- 
tax profits fo those for the same 
period last year were forecasU 
In Tbe event, however, they show 
a £20.1m increase at f76.3m. 

This stitl leaves the full-year 
result some. £20.fim ' lower at 
£106.02m birt the directors report 
that the first quarter of the 
curretB year, has riiown a sif* 
nificant improvement in trading 
performance over ttae cone- 
spondii^ period, albeit that last 
year's • firot . quarter, .was 
abnormally depresed. 

(^oup s^es for tite year under 
review expanded trom £3.93bn to 
£4,53bn and, after depreciation 
of £77.3iiT agadnst £54.63ra. 
trading profirte rose by £5.9m 
to £147,2nb '■ Tl^ incree^ 
included an advance of to 
£^.5m . in the surplus of the 
Howard Johnson di'vtsion. reflect- 
ing a fuD year’s ovmership as 
against a part.year In 1980. 

Substantially improved second- 
half trading performances were 
common to all the group’s divi- 
sions. Exclu^g Howard John- 
son, which was not owned for 
the whole of tiie correspon^q 
second haK, the rise in secb'nd- 
hvlf trading profits amounted to 
37 per cent 

An analysis of sales and 
fading pre^ts between firff 
second halves shows tobacco 
£i.O<)ho (£1.02bn> and £26.1ra 
(f49.6m)— El.lfibn (£1.03bni. and 
£37.5m f£30.Sm): paper, board 
and plastics £32m (£45.1m) and 
H).2ni loss (nil) — £29 .Sm 


{£41.9ffl) and f0.3m pri^t 
<£3.3m loss); food £57to 
(£569.4m) and JS.lm (£5.4m) — 
£69S.lm (£602.6m) and £10.2m 
(£4.9m): brewery £30Q.2m 

.'and £S3.lm (£i9An) 
^£34(i.&n. i£2SlJSm) and £27-&ii 
fgg^qtn); Ho'ward Jobbsmi ffroin 
June IT 1980) n32.7in (oH) azid 
£2.4m (nil)— £197.Tm (£lQ7AliT 
and £I8.1ta (ni.5m). 

A breakdown of overseas sMn 
and trading profits, for the year 
as a discloses: CooiBieQfiai 
Europe £104.2m (£lU.8m) antf 


DIVIDEND TABLE 
IS ON PAGE ^ 


£2.4bi (£l-.2ml: VS. £69S.Im 
r£30l.5m) and £14.1m (£16.Sm); 
Canada £3.3m f£3.8m>. and £0.3m 
(same); other countries £2Q.7m 
(same) and £1.8m (£1.5m). 

Reviewing the year's trading 
the directors report thaftiie two 
main reasons for tbe decline in 
tobacco profits from £S0.4m to 
£63.6m were a sharp fall .in UK 
cigarette consumption and pro- 
motional costs in highly competi- 
tive conditions. 

The .food division achieved 
record 'profits from its non- 
poultry interests in - 1961, with a 
marked recovery from the pre- 
vious year's setback. In addition, 
the egg busines returned to the 
black after the severe losses of 
the last two years. 

Nevertheless, these satisfactory 
trading conditions were largely 
offset by an' increased loss fn the 
poultry meat, business. The 


division benefited, from bettw 
I^ductivi'ty and cost cutting, ft 
also withdrw fro ms^ors for 
which no profitable long-term 
future was foieseeir and $oId 

aome businesses. ... . 

In aggregate,' food dirision 
profits rose from £10.3ni to 

£125m. "L., 

'. The trading surplus of . foe 
bi^wexy division 
.20 per cent to Tto 

included an advan<y ^ g jo. 

:plus on sales of Ifc^ed 
perties of £1.7m. . . . . 

Group stated eafwngs P« 
share before tax for the w 
months fell from. 17 Jp to 
and after tax, wbiej.™ su> 

stantiallS lower 

(‘£4606m)4 they advaii.ced from 
11.3 to 12.8. ■ The final.dtwdend 
is -held at 43p heti - mainlining 
the' total payment .of. ^..2§p..at . a 

cost- of..£51.8Tn. 

The' share’ of -iBSOciates profits, 

at £3,35itt' (£5.01m), was-; lower 

principally '• bwause last oriBar 
iQOluded .‘a. £1.6m. contribution 
from the group’s 50 per- cent 
stake in . Maitinn • Packaging 
International up to the date of 
the sale of Aat interest. to BAT 
.'jndastries- ‘ . 

Any separate analyses o£ the 
’‘movements between 19S) and 
19^ in investment income; down 
£11.8m at £31.7Sm. 'and interest 
charges.' np £13.2in ' at £665m 
reflecting higher average, borrow- 
ing rates and .eurodonar-intisrest' 
rates, .are complicated. Iff-. 'the; 
impact'bf funding 'the.'.'piih^ase 
erf Howard Johnson: 

Initially the ' purchase- ,, ron^ 
^deration was satisfieil.I^tiidly 


by-, the piwneeds of- the' sde 
'earixer. is 1980 of ‘British govero*.' 
xdent securities and paztiaQy 
eurodollar . borrowuigs.' - Dmiag~ 
1981, aU the 'latter, were, repaid* 
flawing ttae sale <rf the r^ain- 
ing gilts. However,;, the com- 

bined. -mov^est fa. investineut 
iscome . and mtmre^ Purges, of 

.£ 2 Sm can be: ..lareely attributed 
to the fulL year’s ‘Otriieidiip of 

HbwardJoiiDSan. , - : 

Minority, profits 'Jor tbe year 
- totaUcd £^000 ajtd 

>tbere we're extraordinary debits- 
. ttf.£34.Sm ,.(£13.3iii-cr^ts). 

for lobes, or 

intfdp'aM to be* , incurred, bn ' 

.•riitionuisatfoh. *clbsuie;^or' ^ 
pciisaF of bNsues^'aniowed to 
£3&8m (£36:3m]; . Nevertliele^ 

' benefits from, this :action' will lie. 
-'rofieetea in 'fUtiire: perfonuanee, 
'the. '.directi^ State. : ^ 

Tta.e sale 23.8 

per cent 

£9.7m, '(m whidb''tax'bE Ste is 
payable.. These ^area^iari g^uy 
eost-JEl.'lm; but- weie .indnd^.at 
azt uplifted- boo)c.-value.iirf:£u..-to . 
at the date of dispo^.-v.. 

-; .The foregoing Uemk'were offset 
by' - profits . from the' sale of - 
iitrottiments, maln]&:g^-t>£ £6m 
arid property’ saiwl of . £5.^ : ^ 

. After ::ininorities- ; and ;! ext^ . 

bidiiaary itemsT^e-'aftriKjtidiie- 
balance came .tiir^gh .at fiSfifim 
:Coihp.ajed with £93;9ffl.~;-' 

Po'a^ CCA baris,-pro<4az Uproots 

aro^shown xt-.£66ba' C£8^y ' 

"there.- is.' itn .altritrtitablei ]^' of 
JE5ni-(£27mV.-:i.c.'-"l ■- 

.- At the 

..founds. stood.^at^29S^ 







Lonrho £7m lower at attributable level 


Share offers 
planned by 
Renai^ance 


Amersham share 


ALTHOUGH pre-tax profits of 
Lonrho, tbe -multi-national con- 
glomerate, were ahead at 
£160.6ra compared with £119.1m, 
attributable profits were down 
-from £43m to £3S.lm in the year 
to September 31, 1981. 

The pre-tax figure includes pro- 
fits from associates of £30.3m 
(£31.7m), while £7.9m was 
attributable to tbe minority in- 
terest in Princess Properties In- 
ternational, which, since 
December 2 19S1, has -been 
whofly-owned.- 

.^.ttri'butable profits were 'be- 
f -e extraordinary debits of 
£llm (£8.5m), which Include 
£21.5m in respect of tbe partial 
closure of the Hadfields steel 
manufacturing facilities 

Commenting on the partial 
closure, Mr Tiny Rowlands, the 
chief executive, says Hadfields' 
operations were curtailed after 
carrying prolonged and heavy 
trading and extraordinary losses 
amounting to £26m. This has 
significantly reduced group net 
profit after tax. but he says this 
independent steelmaker » now 
profitable. 

Group turnover rose from 
£3.1bn to £3.46ha. and this In- 
cludes associate turnover of 
£468-4m (£353.7m). There was a 
higher tax charge of £54.4m com- 
pared with £49.6m. The total net 
dividend Is 9p (lOp including a 


special pa>ment nf ip). A first 
inierim of Ip in respect of the 
.'-ear ending September .30 1982 
is also being paid. Stated earn- 
ings per share are do'.vn from 
19.4n to 14.6p. but net asset 
value per share has improved 
frnm 171p to lS6p. 

vir Rowland, in a 1ength.v 
statement, says that the continu- 
ing pnlic.v of Lonrho is to build 
tbe v.idest geographical spread 
of active subsidiaries thereby 
balancing and protecting the in- 
terests of the shareholder. He 
says the balance sheet ts healthy 
and assets employed have in- 
crease by 23 per cent to 
£1.0Sbn. 

Total net borrowings, exclud- 
ing those relating to the con- 
firming business, have remained 
at 34 per cent of total assets 
employed, which is the same as. 
the previous year. At year^nd, 
cash balances were £1.36m. and 
net current assets stood at 
£143mi. 

During tbe year, the group 
made three major acquisitions. 
In July, it bought 50 per cent 
of KUhoe and Nagel, a cargo, 
warehousing and forwarding 
business; towards the close of 
the year The Observer Sunday 
newspaper was purchased, and ft 
bought out Its jiartner in Prin- 
cess Properties Intenrational, 
Ur D. K. Ludwig of New York. 


He says Kuhne and Nagel is 
both profitable and rich in 
potential, taking Lonrho into 20 
countries where it had not been 
previously represented. John 
HoU Shipping Services, another 
warehousing and cargo sub- 
siciiary in Nigeria, achieved a 
record profit increa.se of 300 per 
cent. 

The Observer is. he says, a 
valuable addition to the group's 
newspaper interests, which are 
extensive in Scotland. The pre- 
vious owner of The Observer, 
Atlantic Richfield of California, 
now has a 20 per cent interest 
in Outrams. 

During the year a new Sunday 
newspaper was launched in 
Scotland, but Ur Rowland says 
the profitability of the news- 
paper industry has been badly 
affected by increased newsprint 
costs and reduced advertising 
revenues, and Ouirams has 
suffered accordingly. 

The wholly-owned subsidiary, 
Harrisons, printer of postage 
stamps, has a new five-year con- 
tnct with the Post Office. 

Discussing the group's mining 
activities, he says metal prices 
were weaker but higher output 
helped to offset some of the 
effect on profit. Group gold 
production was increased to 
382.000 ounces. A new gold mine 
was established at Rlipwal which 


will increase total gold produc- 
tion still further next year. 

Lonrho's - collieries increased 
sales by 14 per cent to record 
levels of 3m tonnes of bitu- 
minous coal and 602.000 tonnes 
of anthracite. Construction work 
on a new anthracite mine has 
made good progress and output 
of 600,000 tonnes is projected. 

The strong price of sugar 
during the early part of the year 
and an increase in overall pro- 
duction to over 400.000 tonnes 
from 65.000 acres, helped agri- 
culture and ranching to 
contribute record profits. 

Both the group's sugar mills 
in Malawi and the factory in 
Swaziland were working at full 
capacity. Success was achieved 
by its operations in irrigated 
sugar cane in Africa, and con- 
sultancy contracts have, been 
offered to the group in several 
new areas, including Brazil. 

Tea estates were affected fn 
Malawi by poor wCather and the 
final harvest was the lowest for 
some years at 4m kilos. 

Switching to the hotels 
division. Mr Rowland says 'the 
ne-arfy-acquired Princess group 
is pursuing opportunities for 
worldwide expansion. The new 
tower eddltlbn to the Acapulco 
Princess will be complets^ and 
operational by late summer 
See Lex 


Renaissance Resources, . a 
Canadian oil and gas company 
with assets of about CS36m, is 
seeking a Toronto Stock 
Exchange Hsting' and plans a 
.London dealing fociiity under 
Stock Exchange yule 163 fl) (e). 

The company, founded in 
1974 and in- which Royal Bank' 
of Canada has an SB per cent 
stake, also intends to make share 
offers for six of 10 of its joint 
drilling programmes next month. 
If successful, the total asset 
base would rise to over SSOm. 
after discounting future- cash 
flow by 20 per cent. 

During 1981. Renaissance pap 
ticipated iu 152 wells of which 
70 were in Canada and 82 in 
the U.S. Success rate was 60 
per cenL Primal? Canadian 
activity areas are in the shallow 
ba.sln areas of Alberta. British 
Columbia and Saskatchewan. 
In the U.S., the group is active 
in Oklahoma, Northern 
Louisiana, IVyoming ■ and 
southern Montana. 

Renaissance is trying to 
secure new financing in excess 
of C$25m this year and dis- 
•cussions are being held with 
companies in Canada and one 
in the. UK. 

Mr R. G. Greene, presidedt; 
holds 28.8 per cent of the equity, 
the Royal Bank 8.3 per cent and- 
Talcorp, a quoted Canadian 
company. 5.4 per cent 

Brokers to Renaissance are 
Burns Fry. 


ALL THE. 50m ordinary shares 
of Amersham International, the 
Government - owned 'company 
wh^h develops and sells radio- 
active substances, are to be 
offered at- I42p each, which will 
canitalise The company at £7lm. 

The details of the prospectus, 
-which will be available on Mon- 
dav. show that the Government 
will raise £63.7m by selling 
44.86m shares in the company. 
.Amersham unll receive £5m froiB 
the reirrainins shares, after the 
payment of expenses and certain 
loans to tbe GoveriimeDt. 

Dr John S. Burgess, group 
znanagmg director, 'said yeaiter' 
day that Amerriiam- was a 
** natural candidate ^ to. gp 
piAMc. **We are a high tech- 
nology group operating on the 
frontier of a growing field,” be 
^d. 

Amersham's pre-tax profits 
have been stagnant for the last 
two years* at around' £4m. Salas 
last year were £4S.5m. The <hjm- 
pany said yestmrd^ that taxable 
profits for the six months to"' 


September I9S1 were £3B6m and 
for tbe foil ze»> iRK less ItMS 
£8.3m are forecast- - 

Dr Buigess said ;that .profits 
had- provibBsfy .been affects- by 
the strength. -of Sterling.' The 
. group buys most of . Its materials. 
. is the UK ^d exports more'. 
tban 80 p^' cent of its output ; 
In addition to' sterling’s' reewt 
weakness, he ^d the group con^ 
tinUes. to make progress in- its;; 
various markets abroad. ' 

' Tbe directors .of AmeroliasL 
expect to'pay a dividend of ^:5p". 
net for tbe year ended :Maroh< 
•1982,.:..- • ' 

In -.addition to- the - ordinal?:. 
25p- shares, one' special’' rights- 
preference .share of: £1 is to' be; 
.xetained by the ;$ecretar7:.s0f: 
*^tate for Energy. This- 
mechanism is designed to..pro--: 
tect the status, of .'Axnetsh^->ias;‘ 
an indepiendent ^mpany. ' 

It is the Ooversmeht's fot^. 
tioh that do one pa^'bdld more 
than 15 per cent of. the dam-', 
pany. If such a holding -werr. 
acquired, foe exceediftg: 


•.15 V . ' ,oeirf':j 'would' be 


sold - . •; This ' spemal fdaro- coa- 
fezsrnd general ...r£^'-' to. ;vote 
at'.ni^tings and 

-:is redeema^te': id/ 'fo 

...Govebiinent'sr' otftUm' in: Masfo 

- - jVe .per of Jli^rstiani'$ 

f^ed ordin^j^ital, fdlibvnns 
foe. -Offbr. • sale, . is ' reserved 
.^for .teipIoyeaB.-iC ’iiiaaiiMim of 
.~272.-l2? '^bares‘‘Vrill: be' offered 
-ft!tt'.;f6;.enq;Adye^;ai^ [each will 
.'have ttiie cy^tioii to 'buy a further 
'*£a09'?wnfo df 'sfliares-mi'a one^for- 
'• we- -basis.. ;: •'ArfmisiiAm . -has 

- .approxEmate^ vLSOO:' empfosees 

.'y 

- ' :T%e; companj)5 net tao^ble 
'assets'are:'showti af'£34:8m. The 

Issud^ris -fiidly -imderwritJten. Ihe 
,-apn)icatidn' -.tttt:- will open -on 
'T^tsday*. ^February .'l8....]^keE8 
.^:foe is^ sze 'Casen6'v&, . 

' 'Th'e- . ewnpany's bankers are 
Motgen ., Go^feU, wivile N. M. 
RdfosThtid is ' advising 'foe 
■ Government ' 


Luxembourg listing 
for ESI London 





The National Bank 

of Australasia Limited 


Highlights from the Chairmarfs address 


DEREGULATION OF 
THE FINANCIAL SYSTEM 
The recommendations of 
the Campbell Committee, 
if adopted, will significantly 
after the operating environ- 
ment of the Bank and other 
members of the Group. 

For example* we hope that 
some of the restrictions 
on our ability to lend* and 
on the maturity range 
offered for deposit's, win 
be removed. Best of ail* 
from both the stockholder 
and customer viewpoint, 
we would like to be free 
to set all interest rates, 
on both sides of .the 
balance sheet, at levels 
to which the market place 
would best respond. 

This does not mean we 
would have complete 
freedom. The Campbell 
Committee has recom- 
mended major changes 
capital adequacy 
guidelines and a new 
system of liquidity and , 
prudential requirements in 
place of Statutory Reserve 
Deposits and the liquidity 
Convention, The proposed 
system* provided it is not 
too rigid, combined with 
open market operatos by 
the Reserve Bank, will give 
the authorities sufficient 
control and allow us 
greater flexibility. 

On balance, the rscom* 
Riendations, if properly 
STJplemented, will give 
banks the opportunity to 
win back at least some of 
the business lost through 
over-regulation in the past 


Banking Company of 
Sydney Limited, sound and 
well directed progress has 
been made. A number of 
Joint Policy Working 
Parties have been set 
up to assist the Board and 
Managing Directors to 
review existing policies 
and to recommend policies 
for the new Bank. Priority 
is being given to those 
areas where prompt action 
is necessary to establish 
the lega! and administrative 
framework of the new 
Bank, where long lead 
times are involved in 
implementing new policies 
and where significant cost 
savings and income can be 
generated through the co- 
ordination of existing 
acflvjfles of the two Banks. 
The Board has determined, 
that the B^k should ' 
change its name to 
“National Commercial 
Banking Corporation of 
Australia Umitedl Subject 
to receipt of all govern- 
mental approvals, an extra- 
ordinary general meeting 
of stockholders will be caUed 
later this year to approve 
this change of name. 

Tbe Board is closely 


monrforfng fhe infegraffon 
of the two Banks to ensure 
the excellent potential of 
the new Bank is fully realised. 
Directors are confident 
that the merger will prove 
to be of benefit to 
stockholders, customers, 
and staff, and that the new 
Bank will make a major 
contribution to the future 
development of Australia. 


MONETARY OUTLOOK 
FOR YEAR AHEAD 
The banking system is 
presently subject to strong 
pressures, brought about 
by the heavy overseas run- 
out of private sector funds, 
and will enter the seasonal 
rundown in liquidity in a far 
less favourable position 
than we would like. Condi- 
tions during the winter 
months of 1982 ^pear 
likely to be ve»y tight 
indeed. This highlights the 
need for a continued 
flexible approach, on 
the part of the authorities, 
to overall monetary 
management. 


S/r Robert Law-Smith, 
Chairman of Directors, 
MelbourneiJanuary28, 1982. 


PROGRESS WITH THE 
MERGER 

Since October 1 , 1 981, 
the effective date of our ^ 
merger with The Comfnrad 


1 SUMMARY OF RESULTS (Yearended Septembei) 


1980 

1981 

% 


($*000) 

($’000) 

Increase 

I GroupopeiiatFng 



profit, (after 
•jncoi^tajO 

75,850 

101^429 

33.7 

Total Group 



22.6 

assets 

8,428,399 10,332^18 

Dividend per 


2ZQO 


stocKunrt 

18.0c 



Norfolk Capital shows 
deficit of £29,428 


A DIVE into tbf red » sho%-n 
by Norfolk Capital Group for 
the year to September 30 1981. 
There was a pre-tax deficit of 
£39.428. compared ndth a pre- 
vious surplus of £337.006. At 
half time ibis hotelier showed 
pre-tax losses of £197.383. 

Turnover for the year was 
also lower, falling from £9.15m 
to £8.34m. 

A final' dividend of 6.5p has 
been declared', the -interim 
having been missed. In the lari 
full year a mtaJ of I.2p w.i? p,iid. 
Earniinss per share have fallefi 
from 1.26p to 0.15p. 

The directors say they have 
considerable confidence in the 
long-term future of the group 
and have decided to recommend 
a final despite foe trading 
results. 

There Is severe price compel (. 
tion in foe hotel induriiy, they 
say. and add font a further reduc- 
tion in overiieads at the 
company's hotels vrill intpaii-r 
services offered to visitors. 

To achieve further economiics 
the provincial office at Bath 
was mereed with foe London 
office. This caused add’l^<'0',i 
enris, but the directors say these 
wiJi be more than offset hv 
sarings in adniipistrufon over- 
heads. Full provision has been 
made in the accounts. 

Extraordinary dehifs have 
been shown fnr redondancy costs 
nF .£^9 ons plug esiimvted further 
exnendirure of £160 007. The 
provision includes £45.500 paid 
to 9 former director 

Net asset value has been 
reduced to 45.1p, againri 69.6p 
last time. The directors con- 
sidered that a further revalua- 
tion of fixed assets should be 
undertaken in order to give a 

fair representation in the balance 
.•iheet. This has resulted in the 
reduction in the net asset value. 


However, the directors empha- 
sise that the market is depressed 
for certain of the hotels uid in 
due course there should be- a 
recovery from these levels. 

A CCA pre-tax loss was stated 
of £2.079. . 


• comment 

Sir Maxwell Joseph indicated a 
couple of weeks ago that he was 
taking a much closer interest in 
the fortunes of lacklustre 
Norfolk Capital and the shares 
promptly jumped 12p to 36p, 
before easing slightly this week. 
Yesterdays figures suggest there 
is much to keep Sir Max occu- 
pied. Profits were down nearly 
60 per cent in the second half 
and foe value of the group's 
14 remaining hotels has once 
again been significantly lowered. 
Bank borrowings have come 
down to under £4m since the 
disposal of the Royal Hotel in 
Bristol and other properties but 
will rise again this year as the 
refurbi-shment programme 
gathers momentum. At ^p, 
down 2p yesterday, the share.s 
appear to di.scnunt a lot more 
than the current year's likely 
recovery. The .vjeid on the re- 
duced dividend is only 21 per 
cent although the net asset value 
of 45p provide.^ some support 


ESI Loudon, a dlitilbutor of 
defence .technology products 
nramtflactured by its U.^ mirent 
company, - International Signal 
and Control Coiporatlob, has 
obtained a lisltitigbn ttae Luxem- 
bourg Stock Exchange. 

ESI Is a UR company which 
began substantial trading in 
July 19S0 when it arranged - an 
agreement to market ISC's pro- 
ducts exclusively in foe' Nato' 
Europe area and now exclusively 
outside North America. 

A private share placing by 
Rowe Rudd was followed in 
February 1981 by a rights issue, 
bringing the nunority interest 
to 40 per cent 

The company liben said it. was 
considering seeking a "quotation 
on the Unlisted Securities 
Market but found It did not 
qualify because it lacked a three- 


year roccffd. While arrangiug'-*' 
a Luxembourg . listins last - 
aatiunn. foe group made a 
further rights' u»ue and capital 
reorganisatioh,- resulting in' a - 
reduction of ISC's stake to 50J3. 
per cent and a total of -12:5m 
35p shares In issue. 

ESI had -profits bdfofr. .'tix 'of ' 
£Sl8.000 bo turnover 'of. S6.3m;' 
■In the eight months •' to Bl^h . 
19S1. - In the Itet -haU of ' the - 
current year, profits were £1.^1 
on sales of .:£Sfi7m, and the : 
directors.- forecast a total dh^ - 
dead of 2.1p for year.. . J! . 

Mr 'Tony 'Rudd ^s been ■ re- ' 
placed as chaftinan by Mr . 
James Gaerf% (foairman- of ISC: ^ 
Jacobson .'Townsley -have beeh_. 
appointed brokers; to fob' co~in-' 
paay:. Dealings begin on 
February 15.; 


^piv;Jacks<Hi 
expects better 
‘sCCofld;.baif 


. The directors of William Jad^j . . 
»>n and Son say the bakery dlt^ , , 
-Sion .Is in a loss-making posftiQn. s 
but that considerable and urgent ' . 
reorganisation. ki foe.-division is. 
.envisag)^ . in ah -. attempt to. ' 
rortjfy. the ritiia.noiL'. 

They. rarfd that 'this' remedial 
.actfoi) and foe'.coBtfriuiag strong :- 
' I^noRnmice' of: foe .retail sector, 
should lead, to- improved profits 
fo the sbconS-rix .znoftfos. 

'jfti .'roported ori February W ', 
the. company returned, pre-tax 
proflisof 2403^000. for "foe first 
ball. ofiiie. year/ to October 24- • 
(fl.Oan),. 

.' The. company 'Allies., on buaf' 
ness, .'-as a .-baker, confectiODer, . . 
■meat processor and supermarket' . 
.operator. Its brdmaiy and .- 
restricted -voting shares are un- 
quoted: ■ 


BELOIT WALMSLEY 

Record sales of £40m have 
been aebieved bv -Beioit 
Walmsley, the Lancashire paper 
nochinery manufacturer, in (be 
past 12 months. Ninety per cent 
Of the equipment went for 
export 

Mr Alfred Pettengell. manag- 
ing director, said that the 
encouraging results have 
strengthened the company's work 
base, 



M.J 

. 1 

1. Nightingale & Co. Liinited 

27/28 Levat Lane London EC3R 8£B 

Telephone 01.621 1212 


P/E 


1981-82 
)4iqh Low 

Company 

Gross Yield 
Price Change dW.le} % 

Fully 
Actual tBMd 

123 

100 

ABi Hldos. lOpc CUL8 

123 


1O.0 

8.1 



75 

82 

Aiisprung 

70 



47 

6.7 

11.1 

15.4 

51 

33 

Armituge ft Rhodes ... 

44 

— 

4.3 

9.8 

3.7 

8.3 

205 

187 

Bardon Hill 

204 


S.7 

4.8 

9.9 

111 

104 

T7 

Deborah Seruinn; 

77 

— 

6.0 

7.8 

3.8 

7.2 

130 

97 

Frank Herseli 

130 



6.4 

4.S 

11.7 

24.1 

80 

39 

Frederick Parker 

JO 



1.7 

2.1 

34.8 


78 

46 

Gegme Stair 

SO 

— 

— 







102 

93 

IPC 

96 


7.3 

7fi 

B.9 

104 

1(6 

100 

■sis Conv. r»f. 

18S 

_ 

15 7 

15.0 



113 

94 

Jackson Group 

94 



7.0 

7.4 

3.0 

6.7 

130 

108 

James Burrouph 

TT2 



8.7 

7.8 

8.2 

10.3 

334 

250 

Robpn Jenkins 

254 


31 .3 

12.3 

3.5 

90 

S9 

51 

Seruitons "A" 

56 


5.3 

9.5 

88 

8.0 

222 

164 

Tordsv ft Carlisln 

164 

_a 

10 7 

6.5 

5.3 

9.8 

1& 

10 

Twinlock Ord 

13 






80 

66 

Twinlock 15pc ULS 

7B 


ISO 

19.7 

.M 


44 

27 

Unilnrk Hnlrlmnc , 

27 



3.0 

n.i 

4.8 

8.2 

103 

75 

Walter AlOKander . 

75 



6.4 

8.5 

4.9 

8.7 

263 

212 

VV. S. Yoatos 

223 

— 

13.1 

ss 

4.2 

S.6 



Pness new avsileble on Prestel page 48146. 







7 ^ 


of Scottand 



The Royal Bank of ScoOaxLd Group LizmM anitoimce fitaiZiAx.^ Proc^ 


He relinquishes his post as Chief ExecutL-mei rf TWHnigmg 

Limited. Wt. Procter will co-ordinate the actiyifi^ of jThe-E{^ ifaviii- of 

Scotland Litnifed and Williams & Glynns - Bahk Liniited; 

ment of Group strategy for future grdwih. He wiUliemdepOTderit of^^ ' 

to-day operations of fee two banks. . 

Sir Herries, who is Ghainnan of bqfe fe^ Grtn;^ ahd:;The'Epyai 

Bank of Scotland Lirnited, -wia devote mor^ tiiiie torGroife affeirs*-To 
him to do this, Mr. J. B. Burke has.been appe^ted 
of The Royal Bank efScotland Lintitet^ relmqnishi^ 

M^aging Director of The Royal Bank of Scotlaaid dmiip LiTwiteri 
Managing Director of The Roysd Bank U Scotkad iaruit^ 

Director of fee Group. ' ' V - .' V ; ; v 


Mr. C. M. 'Wmfer has been appointed MjEUsa^m^Dixitotbr^ 

Bank- of tofland Liinited in place of 3!dr..‘BuiS^: • . 


Mr. M. H. Davenport has been appointed Man^gingDi^ of IWstakl^ 
Glyn*sBankLinaitedfeplaceofMr.Procf». I ^ 

"W. J. ^ Dacombe, aDire'cfoi of thaGi^^: r^gnfah h« ' 

Assistant CWef Executive of Williams & <si^s^a£ki&a^ and will devi^ - 
hiinself fcill-tiine to ’ • 


A Group Head Office wiR; be establufe^-'^.;^'^ 
Edinburgh, airf the Group London " 

Street when these premises are'CcmiplgM 


/.tj ' 




TheRoyalBa^or^Inlm 
Scotland 












sr. 












ii£q- L .-.- ATwctmmnimgiKgcrpiLi^^ is 
^sc- ■- to boild'Uie'ttiflesc gflogfi^TiH^ dread 

■\- S-y interests 

' »;;yi '. of the shai^holder who Ras chosen to 
•• • •^‘ '- • “''*st-thWj«gh fte. Company. Over the 

. ■ • V, \/J^t^<y-oneyea^^ 

: . 5 ’■ > tKrt?'-fivefold mcreasem earnings 

' “ j,^-'r-per sb^^ substanfianvQ »frpa^‘n£ 

'- Aheribaliaiice sheet IS heahhyaz^ 

;f^^\-asseu employed m 

■ •‘i^^ • ■ ■ •• • 

" t.. .> -Total netb oi To ^ Bs^ *^ 

' fboseielatuigto our confi rming • 

‘ - ^ 

• • <- ' employed, which is the 

• if-v:;.f.\^esB™5ear.AtA^ 

.;, £j i-; paTmicw 

V-'Wift acquisitions andthegjowth of 
- •.^;:v-;.Wdngbusinesi»s, w 

‘<j- Jr • > «“Plo3^ 150.000 people- Group 
- ■• i i tuniover was £2,500 million, and 

';.. *Ti^. .w >■*'•■-'■ 


"^kV 





!*.■'• 


' VJ' - 


THE OBSERVER 


mV ■>. WelmveBAade.tfareemajor . 

■^iZl pM^ases sihce my last Review, in 

^ ^ A July we ^u^ 509b of Kohne & 

■r , -:.: one of the woiJd’s bigger 

■' cargo, wardiousing and fomar^ 

-jt .virndnesses. Towards the closb of-the 
- ■ ■’^■' 3^' dbsttver”, a Sunday 

-- Jiewspsq)er published in London, was 

- ‘ ^ r-.ii acquired by our publishing subsidiary, 
^ <5ebrge Oiitrmnand Co., from 
- • .. :: ?■”•: ■ ;: Atlantic Richfidd of California. We 
" " 7? -V bought out our partner in 

1 Pniicess Properties Im 

T Ludvog of New York, and now 

.wholly own the 'finest resort hotel in 
:• .-the world, the Atsipulco Princess, and 
“7; its si^ hotels. 

, For the first time we have had to 
i> ; bow to the recession of economy in 

Britain and cun^ operations at 
wholly, owned stied making subsidiaiy, 

. . Hadfidds, after carrying prolonged 
• vn heavy trading and extraordinary 

' . •• ' losses amounting to £26 millmn TOg 

1 has', of course, rignificantly redact 
! ;■ the net profit afrer tax in the current. 

■ ycM, but you wiD he glad to rea^ 

-- '} j. - : h] this Review that Hadfields 

continues in busing as Britain’s only 
' j:, ■"■ ^ . iad^>eadent sted maktf to the drop- ‘ 

H; -profit^le. 

'i Shardmiders wfilhavebemp^^ 







at thedednon l^tfa'eMcmopbUe^ and 
Mergm £!axDxms^ 

i^dixjohnadfiiaf Lonrho’abid far file 



the bid was, on the whole, not in 


! \-^V:Sws^'Jfe=pubhcinter«rt, although bj^^ 

• “ ^V-^-ipi^bus decision in 1979 tbcy^yeared 

;, 7 -the way for Loniho to build up a 309b 

' '-'i thediuityof Housiof 

. Fraser. On tbe other hand, the 
J ' hationd Press aiid file finandd press 
. :.‘r iy '\ - Jure unanimous in saying that the 
‘ B0prt does notpresmt ah adequate 

■ * ^.fi\.i:'i;argumem agmnst our 'maldng a bid, 

• be-allowed to take 

:7acrf‘s thededflOn themselves. We^ 

- movtng to resolve file stated objections 

oftoeConmiisri 

•. :?■ •nn 'Sv- , 

'■^r :;MetBl prices were we^er during the 
; . yev'but higher output helped to offset 
some of the effect on profits. Total 
^ r production was mcreased~ 

3^,^OOO.ou3ii^. Anew gold min 
/ was esdixili^ra at 

' indxis^ our total ^Id'production still 
;. fUit^n^year. 






i 

T 



}'"'■ Gopdprogr^ has been -inade with 

.•■ Construction work at. Eastern <^d 
' .'jHoIdii^,' a major ne.w gold mine in 

• -j^armersi^ .with ,the Anglo American 
Corjpcration.Asubridi^ 

■ 369b intent in this important venture. 

. l&odiKrtion plans.havenow been 

•A jdnsal ^wariJs to anevcntnal 

r 390,t)0b ounces of gold anniuOJy. 

" Last year I referred to plans to 
exploit a second bigher-gi^e platinum 
•j Construction of the hew plant for 
= bating tiiis'dre is.searing completion 
: an<falar^iiKreasc in production (rf 

• r lqtimim group mctals. above the 
■•wuTfiht level of 134,000 ounces is 

. f ^pnsisqhMtly March 

■ 1982. Arrangements for refining and 
selling the additional platinum group 
jnetalsare largely complete. • 

Our collieries increased sales by^ 

149b. to new record l^els of 3 million .■ 

tdnntt. nf bit umin ous coal and ^2,000 

tonnes of anthracite^ Gonstriic^on 

work <m our new anthracite mine has 
. madegdod progress mid output of 
. 600,000 tonnes is projected. 

'We cmhxQue to search 
mming j»operi3es..Ftospecdng 
■ - been dueled toward predous metolSt. ' 
cnal^ dianiiw^ indus trial . '. 

• jgSneraSs^ ' . 

. Agmndtare a^ 

Doe to fbc stii^ price, of sugar 
dnrmg the early part of the year and 



is to build the widest geographical 






^ead of active subsidiaries 

R.W. Rowland, Quef Executive 


-;‘V 

bv'. •. » ‘ Tv? • <• 


an increase in dveran production to 
over 400,000 tmmes from 65,000 
acres, the cGEOtribution to profits was 
substantially ahead of last year and an 
aU-tiihe record. 

Both our sugar nulls in Malai^ and 
the large factory in Swaziland were 
working at full capadty. The new 
sugar project in Benin, in which we 
have an equity interest and for whidi 

we faave the management contract, is 
well advanced and the factory is now 
hang built. 'We also own three sugar 
mills in Mauritius. , 

The succ^ achieved by our 
. operations in irri^ted sugar cane in 

Africa, and especially In file recent 
- Kenana and Dwangvim projects, is 
becoming appreciated worldwide and 
consultancy contracts have bera 
offered, to us in several new areas 
induding Bratil. 

In Zambia we have one of the 
^rgest farmmg companies in the 
country, which this year grew and sold 
-n^y thoussmds of tons of maize, 
potatoes, wheat and onions, as well 9 S 
selling cattle and pigs, and supplying 
some? million, e ggs for the T 
market. 

In Kenya we have a fiilly mtegmted 
agricultural operation stemming from 
wattle and its derivatives of tanning 
extract, charcoal and wood 
preservative, together with extenrive 
arable farming and ranching activities. 
All organic waste, straw, feedloL 
manure and waste wood are utilised m 
a successful mushroom farm 
producing 500 tonnes per annum and 
calling for advanced biological 
techniques, induding $pawn 
production. 



TheSueo/naSugirJiS^M^irtH 

In Zm'babwewe grow cOfTee, wattle 
and pises, run , several krge herds 

of cattle. The Group’s total herd 
averages 100,000 head, with sales of 
20,000 a year. 

The Group’s tea elates in Mala^ 
were affeded by poor weatfaer 
condititms and the final harvest was 
the lowest for some years at 4 million 
kilos. 

Hofek 

1981 represented another excellent 
year for Princess Properties 
International, of which Lonrho now 
owns 1009b; having xeceotly acquired 
the reinauuDg 50% interest. 

The Princess Group is pursuing 
opportunities for worldwide expanadn 
a^ taking advantage of the orceUent 
reputation it enjoys in the tourist 
industry. 

The sew tower addition to the 
Acapulco Princess^willbe completed 
and operational by the late summer of 
• 19^. Additional land has been 
purchased in Mexico City to complete 
the hotel and office block site on the 
m^ificent Paseo dela Refonna, and 
it frill represent toe most valuable ~ 
construction site in Mexico. 

In the United Kingdom, another 
po(» tourist year has affected-the 
results ofour hotels. The modem 
Birmingbam Metropole Hotel 
achieved a higber profit than forecast, 
and gained a new record of over six 
hunted conferences and etoibitions. 
*We are still the foremost Confaence 
and Exhibition Hotel Group in the 
opuntry, and the continued 
improvements carried out byouc 
wholly owned builders, Fasmidge Son 
Sl Norris, will help to ensure that we 
retain that position. 

The Casino division has grown in 
the pa^ year under strict management 
supervision and,, when an 
improvements have btoii completed, 
should contribute significantly to your 
Group’s profits- 

Motors ... . 

As importer for Voneswagen/An<fi 
- motor velddes, our subsidiary 'V.A.O 
(Umt^^'gdomjhadatoccessful , 
year and has surpassed prmous 
figures..Ithas b^nyearin which 
they achieved the highest-ever vehicle 
sales figiire of 83,330 units. With a 
5'5% shaie'of the U.lCcar market,, it 
became thie leading importer of 


European cars. We are confident tbat 
this trend will continue through 1982. 

We also own numerous motor 
retailing outlets in the United 
Kingdom through which we sold 
20,000 vehicles during tfae year and 
increased our share of the British 
Leyland car market to 5*69b. 

'We are sole distributors in Rrr tatn of 
Deutz tractors. Fabr agricultural 
machinery and Taarup mowers, wfaidi 
are proving to be most successitiL 

Jack Barclay, the world’s largest 
distributor of Rolls-Royce and Bentley 
motor cars, once agmn made a 
significant contribution to the remits 
of our motor retailing diviaon. Ihe 
new Rolls-Royce Silver Si^lt, 
introduced last year, has been wdl 
received. 

Jack Barclay European has just 
completed a full year as 
Volkswagen/Auto dealers. It has made 
an encoura^g contribution to their 
main business of servidng their 
customers’ Rolls-Royce and Bentley 
motorcars. 


They have 300 offices worldwide, and 
almost a century of experience. 

John Holt Shipp^ Services-, the 
leadii^ air cargo handling agents in 
Nigeria, achieved a record pro^ 
increase of 300%. 

Aircraft 

Our Beechcraft dealership m Africa 
had a very good year seliiog 111 aircraft 




31^ VaBsw^eaCt^mdAi^ Coupe 

In East and Central Africa, our 
motor dirifion suffered from a severe 
curtailment of import pernuts due to 
lack of foreiga exchange. In Nigeria 
we had record sales of 77,500 Yamaha 
motorcycles and we continued to 
distribute Mneedes commercial 
vehides and 'Volkswagen motor cars. 
Overall we sold 216,315 motor vehides 
throughout the Group, 

Oearing, Forwarding, 
Warehousing and Cargo 

As an international trading 
company we dear, forward and 
^ warehouse on our own behalf. The 
^ acquisition of a 50% interest in 
ICoime & Nagel ^ves us inteniational 
capability, with very valuabk overseas 
conxux^lons and traditions. 

Kfihne& 
Nagel is both, 
profitable 
and rid! is 
potential, 
taking 
Loniho into 
20 countries 
Xittiae A Naga Freight -where we had 

pievioudy 

not been represented. 







JCnittutgmiKAuie at David Whilehead 

Our textile companies in Africa have 
again had a very successful year. In 
David Whitehead increased 
their production of woven doth by 
17% to 34 million yards, while sales in 
both the domestic and export markets 
xemained buoyant. An important 
programme of capital expenditure 
involving the purchase of over 60 new 
looms is currently in hand in 
Zimbabwe. 


YEARATAGEANC^ 

1981 

1980 

Turnover 

£2;456-6m 

£2.I00«7m. 

Profit before fax 

m0-6m 

£119-lm 

Profit attributable to 



Sbareholders before 
extraordinary items 

£38-lm 

£45-0m 

Net assets per share 

186p 

171p 


Balance Sheet at 30 September 1981 



1981 

1980 


£m 

£m 

FUNDS EMPLOYED 



Share capita 

65*46 

65-22 

Reserves 

422-71 

381-44: 

Equity interest 

488-17 

446-66 

Minority interests 



Princess Properties Infemational* 

99-21 

65-16 

Other minori^ interests 

113-89 

86-16 

Deferred tax 

•75 

•53 - 

. 

702-02 

598*5! 

Loans 

342-87 

249-80 

ASSEIB EMPLOYED 

1,044-89 

848*31 

fixed 

669-48 

539-86 

Assodafes 

189*09 

137-13 

Investments 

43*38 

24-69 

Net current assets 

142-94 

146-63 

' . . 

1,044:89 

848-31 


*7%e mm on iy wt gerf dr Prinow Pmperties International war uqtared on 
2 frficemter I98J fora purehax conskiention of £S2’30m, giving a surj^ cm 
ooqvzsiffon of£40’9Ifn vthkh wUl be crviiied to reserves. 



See c ha e f lmren0 
During the year we secured from Gatefr 
a franchise for LeaijeL The Group 
owns or leases a total of 30 aircraft, 
induding a Gulfttream H and 3 
Boemg 707’s. 

Textiles 

Despite the depressed condition of 
the textile industry, Lonrho Textiles 
has managed to bold its market 
position and the ‘^Accord” range is 
now firmly established as a major 
brand of co-ordinated bed linen. The 
Brentfords chun of riiops, vtoidi mms 
at a mass mark^ was expanded 
during the financial year and by the 
year-end 56 shops were open, with 
three more near completion. 

Our Lancashire based David 
V^tehead textile operations have 
been re-organised and continue to 
trade profitably. The John Barnes 
division currently exports 50% of its 
knitted fabric production to toe motor 
trade in Europe. 





21 


Prinf^g and Poblisliing 

After cpnaderation by the 
Monopolies and Mergers Commission, 
Outrams acquired “The Observer” 
newspaper which is one of the oldest 
and most respected national Sunday' 
newspapers in the United Kingdom. 
The Observer is a valuable addition to 
our newsp^>er interests, which are 
extensive in Scotland. As a result of 
this acqmsition, we are glad to have . 
the previous owners, Atlantic 
Richfield of California, as a 20% 
partner in Oiitrams. 

Outrams, publishers of toe 
“Glasgow Herald” and **Evenix)g 
Times”, had a double success in 
winning first prize in the ’Newspaper 
Des^ Awards’ for the best derigned 
morning and evening p^xxs in the 
United Kingdom . Dutoig the year, 
they also started a new Sunday p^>er, 
toe “Sunday Standard”, the fiik 
major newspaper to .be launched in • 
Scotland in the past 60 years. The 
profrtalnlity of the newspaper industry 
bas been badly affected by increased 
newsprint costs and reduc^. 
advertising revenues and Outrams 
have suffered aoccodingly. 


Our provinoal newspapers groiq), 
Scottish & Universal New^pers, 
continue to do well in a difficult 
market and have launched a number 
of new free distribution newspapers 
during the year, bringiDg toe combined 
drculation to over 578,000 copies a 
week. 

In the United Kingdom our printing 
companies have continued to invest in 
new technology for the years ahead. 

Our wholly owned subsidiary, 
Hanisdns; priiiters of postage 
stamps to many 
governments, have 
a new contract 
with the British 
Post Office to 
print substantially 
all their postage 
stamps for a 
further five year 
term. Harrisons 
Imve now been » _ 

assodated with the 
British Post Office for over half a 
. century. .. 

Daniel Greenaway & Sons, financial 
and security printers, completed in . 
November 1981 its investment in the 
most advanced computerised 
phototv'pes^ting system currently 
available. Our Report and Accounts 
this year have been produced on the 
new system, considerably speeding up 
toe time normally taken to prepare 
and print. 

The performance of our printing 
and newspaper complies in Africa 
has generally been satisfactory, 
although Primpak in Kenya has made 
losses. 

Export ConfirmiBg and 
Broking 

High interest and vride fluctuations 
in iniernational exchange rates have 
affected the performance of the 
interaarional financing operations of 
Balfour 'Williamson, whose profits 
were slightly down on last year. 

Jolm Holt’s eT^rt confirming with 
West Africa has improved with 
turnover increased by 50% to £81 
million after several years in the 
doldrums. 

Odr cotton broking firm has traded 
satisfactorily, handling 44,000 tonnes * 
in a subdued market. 

Property 

With our wholly owned subsidiaries, 
London City & Westcliff Properties 
and A.'V. P. Properties, Lonrho owns 
a portfolio of commercial and 
industrial properties in England and 
France winch has a value of £65 ' 
million. 

The gross rental income'&bm these 
properties is in excess of £5 million 
andhasincreasedby9%iiitheyear. - 


Depaitoent Stores 

Wceontinue to hold 309b Of the- *. 
House of Flraser department.store 
pTigiTij worto £72 mitoion at current . 
share prices. I outlined the present ; . 
position in my opening remarks, and 1 
assureyou that we will act. reason^dy 
: and resolutely to bring about a 
senrible conclusion. 

Wines, Spirits and Beos 

. 'Whyte &Mackay, Scotland’s mc^ 
popular blended whisky, increased im 
sales'by 21% in the United Kingdcnn* 
The John Holt Wine group in the • 

United Kingdom had sales of neariy 
£70 milhon. Within titisgcooPfAsliS' - 
and Nephewnow operate 313 off» 

- licences, and during the year toe 
subsidi^ Jones of Spennymoor . 
began bottling “7-UP” for toe I|yoe 
Tees area. The vineyards In tbe 
^rdeaux ar^. Chateaux Rausan* 
Segla, Smitb-Haut-Lafitte, La Gaid^ 
de la Tour and Olivier, and our ^ 
shippers, Louis Eschenauer, are in 
good heart, and the 1981 vitoagewiB. 
be a good one. 

An important occasion in the 
Bordeaux wine trade is the “FSte dela. 
Fleur** which -was for the first time 
held in the Grdves distrut and the 
venue chosen was your own vineyard 
CbSteau Smith-Haut-Lafittc, a signal 
honour. 

In Malawi our breweries pro^ce a 
traditional African beer which is low 
in alcohol and high in protein, and 
sold nearly 13 million gaUons. It is 
planned to build two new breweries to ' . 
cater for the increasing local demand. 
The Group also operates a further 17 
traditional breweries in partnership 
with African Governments. 

In Nigeria John Holt’s Pepsi Ceda 
plant at Kano doubled its profit in its 
second full year of production at 
almost half a million cases of Pepri 
Cola a month. A second plant came 
into production during toe year at 
Kaduna. 

Our Coca Cola bottling plant in 
Zambia has had a satisfactozy year. 

Engineering, Sted and 
Manufacturing 

The trading results of our United 
Ifingdom engineering companies were 
over-shadowed by the problems at 
Hadfieldsin Sheffield. Hadfidds ate 
in direct competition with tbe 
Government owned British Sted 
Corporation; which immediately 
foQowing the steel strike in 1980, 
support^ by Government subsidies 
embarked.upon a programme of pries 
cutting to win back toe market share 
they had lost. 

Proposals for the rationalisation 
the eo^neering steds sector were made 
by British Sted Corporation in March 
1 98 1 . Ho wever, acceptance of these 
TJToposaJswoulct have meant the total 
closiue of Hadfields and the loss of 
2,600 jobs; proposals which your 
Itoard considered cruel. It was 
therefore decided to start our own re- 
organisation of the company which 
was completed in June, and since then 
Hadfields has been making a 
contribution to Croup profits. The 
losses which we absorb^ before 
making these cuts were very 
considerable. We have had'no 
financial or other hdp from the 
Government. 

The.Firsted Group were profitable 
in the year, with Lightfoot 
Refrigeration achieving a fine return. 

Demand for domestic and office 
furniture and stainless sted 
sinks remained at a low 
level for most of the year. 

Howe\'er, a small but 
welcome increase was 
evident in the final 
quarter and this trend 
has continued into 
the current 
year. 

Hopkinson, 
our 

plumbing 
factors, 
continued 
to expand. 

Our engineering and manufacturing 
companies in Zimbabwe continue to 
go from strength to strength. W. 
Dahmer and Zambesi Coachworks are 
two of the country’s leading bus, truck 
and coach-builders, whilst CrittaJl- 
Hope manufacture windows and door 
frames. In Nigeria we sold 10,000 
outboard engines and built 600 gia^ 
fibre workboats. . . 

Pipeline 

■ ■ The Trans-Mozambique pipeline is 
now ready to operate. During the 1981 
dry season, some 80 km of damaged 
pipe were lifted and repaired or 
raplaced. Negotiations are taking place 
with the Government of Zimbabwe on 
the tariff and appropriate revisions of 
the Concession Agj^ment and 
agreement-in principle has be^ 
reached with the Government 
of Mozambique. 

Condusion 

. I know you join toe Board 5n - 
appredating the hard work and ' 
initfativeof so very many people who 
work; for Lonrho, and who have biult 
up the strength of the Company to the 
point where we can yet again be proud 
in preseming the balance sheet to >*ou. 
We look forward to next year’s 
problems and successes and we hope 
you will stay with us as a shareholder! 



Lonrho Limited, Cheapside House, 138 Cheapside, London, EC2V 6BL 

73ie Uai is UAenfiom the Cht^ £rmdive'5 Review contained in the 79?/ R^rt and Accounts wj^icR miff be-pubSshedbtitne4^^intary. 
Copies will be available The Seereuttyp Lonrho Limited, Cheapside House, IS8 Cheapside, London, EC2V6BL 


The sevmty-third Annual Genm 
Meeting of Lonrho Limited wUl i 
hdd at the Greot Room, Grosveti 
Bouse, Park Lane, London, W.\ 
Friday, 2 - - noon 




Finandal Itoes Frii^;T^^ V '- 


Conpanies and Markets 


Bros AND DEALS 


Robert H. Lowe . - 

Home Charm to pay £14m Burmah extends 

KNITTED for Sankey Homecentre bid for Croda 


KNITTED 

GARMENT 

MANUFACTURERS 

The Annual General Meeting 
of Robert H. Lowe p.Lc^ will 
be held on the 5th Mardi, 1982, 
at Congleton, Cheshire. 

In his circulated statement, 
Mr. J. Robertshaw (Chairman) 
reported that the trading results 
for the financial year ended the | 
30tb October, 1^1, were less ' 
than satisfactory. In his interim 
report, the Cbainnan bad 
'indicated that the poor forward - 
order position, coupled with 
short-time working, increased 
operating costs and tighter 
margins, were expected to affect 
the results for the full year. 
Regrettably those comments had- 
been borne out in the full year's 
trading figures before taxation. 

Group turnover for the year 
bad decreased by £973,567 lo i 
£6.939.025 and Group profit , 
btifore taxation was £241.318 ! 
compared with £718,921 in 1980. l 
However after crediting taxation 
of £189,470 (in 1980 a charge of 
£380,491) profit after taxation 
was £430.788 against £338.430 
last year. 

The Chairman continued: 

After taking into account the 
substantial tax credit resulting 
from the release of deferred 
taxation- provisions no- longer 
required, your directors are , 
recommending the payment of a I 
final dividend of 2.6p per share ! 
on the ordinary share capital, 
which with the interim dividend 
already paid, of 0.655p per share , 
will make a total of 3.265p per 
share, compared with the total 
dividend of 2.722p per share in 
1980. 

With regard to future pros- 
pects I am pleased to report that ' 
recent months have seen a 
marked improvement in the 
Group's trading position and all 
pn^uction units are now work- 
ing full time. The forward order 
position has also shown a degm 
of improvement compared -with 
1981 and sufficient orders have 
been placed to ensure continued 
production well into 1982. With 
these factors in mind your board 
have every reason to look 
forward to a satisfactory year's 
trading providing the economic 
climate remains favourable. In 
addition your directors intend 
to further expand the Group’s 
manufacturing base, by acquisi- 
tion if necessary, in order to 
maintain and improve the 
Group's profitability. 


ON THE face of it, Home Charm 
has takeu the gamble of a life- 
time by agreeing to buy the 
Sankey Homecentre stores for 
£1^ Home Charm itself has 
sbarehoMers’ funds of about 
£10m and a market capitalisar 
tion of some £18m. 

Raising the stakes Rirther, the 
do-it-yoatself sector is far from 
buoyant Now add an element 
rarely found at a poker table — 
the £i4kn is being raised by an 
overdraft fn»n Barclays Bank. 

However. Home Charm starts 
with a- strong hand. Since its 
market debut in 1971, it has re* 
corded consistent profits growth 
with only . one setback in 1980 
when the competition intensified 
and margins shrunk. 

A AtU recovery is expected for 
the- year ended last December, 
with profits of £2.5m, against 
£1.6m in 1980. Sales have surged 
from £4m in 1971 to £60m in 
1980, and the company yesterday 
defended its bold move on 
several fronts. 

‘‘We've had nil growth from 
our existing stores in 1981,” said 
Mr Manny Fogel, Home (Aarm's 
chainnaiL “ Our growth has been 
coming from new stores. We want 
to keep moving.” - 

As for the Vandal burden of 
the borrowings, Mr Se^our 
Saideman, e diiector, said: ‘‘We 
hope to get lid of the overdraft 
within 12 montte of the pur- 
chase." lilie deaU'wfaidt Includes 
25 eristiHg stores tiiroii^out 
'Englazid Scotland and two 
under construction, is expected 
to be completed by March 31. At 
the moment. Home Charm has 
no net borrowings. 


Home Charm, the largest 
independent DIY retailer, 
yesterday agreed to buy flie 
DIT business of J. H. Sankey 
and Son for £1^ The 27 
Sankeys stores will increase 
Home Charm’s Texas Home- 
care business by 66* per cent 
and establish the company as 
a nationvide chain. ' 

Sankey, one of the tJlTs 
largest bnOd^* merdiants, 
said yesterday it was faced 
with the det^on to either 
' expand or get out of the DIY 
sector. SaAey is 60 per cent 
owned by‘ the National Coal 
Board aid 40 per cent by St 
Regis, the U.S. paper group. 
Its Sankey Homecare 

business represented about 
10 per cent of its sales. 

Sankeys Homecare . sales 
totalled £11.7m for the year 
ended last Hardi but are 
expected to reach £18m this 
year. The group is 

apparently maldiig a small 
profit 

Home Charm's shwe price 
closed up 5p yestmday at 
135p. • 

' Mr Saideman said he expected 
£4m of the purchase price would 
in due course be financed by an 
extension of supplier credit 
In' respect of the balance, he 
said £5m was accounted for by 
two freehold properties ud 
three long leasehold properties 
on which the group was planning 
to raise mortgages or s^e and 
lease4iadc agreements which 


would also help reduce the debt 

However. Mr Saldnnan 
admelled that pirofits for 1^ 
could well be &it. He said the. 

flow from the acquisition 
shou.V help cover the financing 
cost^ in 1982. By 1983, he added, 
the group would be able to 
move forward agadn. 

- Tlie Sankey stores now have 
a turnover of about £18m wMdi 
WOTks out to atboot £27 per sq ft. 
Home Charm has sales of about 
£60 per'sq ft, aided by stronger 
sales in the smailer stores. 
Analysts yefittfday said that 
Hmne Charm should be able to 
dcwble sales at the Sankey 
stores over the short term. 

The key problem for Home 
Oixim will, be the initial 
interest diarges of some £ 2 m in 
the first year. Analysts agree, 
however. That the group is well- 
managed and lias followed a 
policy of expansion wkh good 
results. 

The Sankey stores will be con- 
verted to Texas Homecare stores 
—the Home Charm banner— over 
the next year, at which time 
the group wii] be able to adver- 
tise nationally. The Sankey 
Homeeentres have not been 
beavfly promoted through advet^ 
Using. 

Mr Saideman said Ihe move 
would put pressure on the 
group. “Sure I've got fears. I 
have to hope interest rates don't 
go up and -that nothing goes 
seriously wrong with the 
country. 

* I Chink within our trade 
we're dodv OK. We're one of 
the few making profits. We just 
hope we can ride this thing out” 


HAT gets Tighe group for £9m 


HAT Group, the building services 
and materials company, is making 
a £9m acquisition which will 
double the size of its paintmg 
division and take it into .the field 
of ^ecialist grit and shot-blasting 
cleaning. 

It is paying £8.5m in cash and 
issuing 700,000 diar^ for Jack 
n^ie, a substantia] painting con- 
tractor based in the North East 

The Tighe group of companies 
was established in the eariy 1950s 
and is now said to be one of the 
largest European groups in the 
field of industiial and commercial 
paioti^. 

Over half of its turnover comes 
from heavy industrial, petro- 
chenu'eaf and North Sea oil 
related contracts with the balance 
coming from commercial, 
domestic and maintenance paint- 
ing and decorating. Other 
activities include scaSolding, 


industrial cleaning and ceiling 
partitioning work. 

The puithese price has been 
calculated against Tighe’s net 
assets at the end of this month 
being no less than £7m and that 
pre4u profits m 1982-83 and 
198!t84 will not he less than 
£ 1 . 8 m a year. 

HAT. which has grown out of 
the Telling family plaAering 
huriness into a group with 
nearly 70 separate subsddaries 
active in building serviced is 
financing the acquisition witboat 
any ne^ for borrowing. Last 
August 12 m company raised 
£7,4m from riiareholdexs by a 
rights issue. At that time the 
directors said that the money 
was to finance selective 
acquisitions. 

Yesterday the shares rose Ip 
to 77p capitalising HAT at £47m. 

The two comp£^es had dis- 
cussed the possribility of a get- 


together as far back as 15 years 
ago hut serious discussions did 
not get under way until last 
autumn. Ti^e has been unsuo 
cessfuUy courted by others over 
the past 18 months and as 
recentiy as last Monday an 
approach was made. 

HAT Is buy^ Tighe with ven- 
dor warranties as to assets and 
futuiw profitability. If either 
assets fall short of £7m or profits 
for the next two years are below 
£1.8m the vendors, the Tighe 
family and family trusts, will 
have to repay HAT up to fl^m. 

However, if profits in either 
of the two years to February 
1983 and 1984 are between £1.8m 
and £2.5m the vendors will 
receive additioital consideration 
amounting to 1 9/i4ths of the 
amount by whioh profits go over 
£1.8m. If profits are over £2.5m 
the additional payment will be 
half the profit 



lioycls and Scottish 

lirnited 


THE CASH, bid by Bnnnah Oil 
for Croda Intern^onaL the 
speciality chemicals group, 
yest^ay passed its second 
dosiiig date and was extended 
untilSJO pm on February 18. 

Burmah disclosed that accept* 
ances had been received on 
behttif 3,118,^ ordinary 
shares and 232,724 deferred 
shares. Taken in conjunction 
with the 17.4m shares acquired 
^ a Bunnah snbridiary in the 
** dawn raid ” <xf December 18. 
this represents a total of 17.9 
per cent of Croda’s voting 
capital. • , 

Burmah also criticised Croda s 
recent forecast of a 86 per 
increase in' its dividend For 1982. 
Reminding Croda shareholders 
that this would require a gross 
payment by their company of 
£10.6m. the bidder says they 
“ should be extremely concerned 
at this development ” which 

runs “ directly contrary ” to the ' 
prudent management professed 
by the Croda board. 

Burmah referred tO the review 
of 1982 prospects promised by 
Croda, repeatii^ that fiiU 

BON MA RCHE / 

NEW SYLHET 
In the formal offer document 
of the bid by 'Bon Marche 'Wine 
(Shippers) for New Sylbet 
Holdings the directors of Sylhet 
say that for a number of years 
their company's dividends 
-would jnstify the price now 
being offered for the ordinary 
shares and they- therefore 
recommend acceptance. 

Bon Marche carries on tiie 
business In the UK of wliole-- 
sale wine, spirits and beer mer- 
chants and considers that 
altiiough operating in different 
fields the businesses of Bon 
Marche and New Sylhet are com- 
plementary. 

The Bob Marche directors 
believe there is considerable 
scope for the development of 
New Sylhet’s business with the 
additional support of resources 
available to Bon Marche both 
in ITK and Bangladesh- , 

The New Sylhet directors say 
that it is impossible at this riage 
to forecast whether or not there 
will be any Improvement in 
operating profit for 19SL 


information would he expected 
on dividend cover and retention 
levels. “Oaiy then will ■,shai:«- 
boldeis be tible to assess 
properly" Croda's eorrent 
position in the stock market 

Croda’s ordinary and deferred 
shares dosed unchanged. at 82p 
and 54p, against Bnnndt’s cash 
offers of 7Qp and . ' 48p 
respectivdy. 

Mr Richard Heseltine, Croda^ 
director for corporate -devdop- 
ment, said the. take^ner. bid' 
appeared to have ‘‘ gnn^ to. a 
h^t ” ‘ since the rMd ih' 
December. 

‘‘Burmah seems to be saying 
that Croda' shareholders should 
hold on to their -shares and not 
sell them in the market but 
rather wait to h^ what CTroda’s 
board has to say about the 
future. That is advice with 
which we heartily concur." 

Mr Heseltine again confirmed 
&at Croda was'stQ! .working. on 
a review .'of itf prospects.' This, 
would be published “in' good, 
time" and would -■ provide - 

**izij^rmatioa to' back. up. -the* 
dividextd fOreoBst-^ . . 

CHANGE WAiU^ 

Messrs J. R Dutton.aod R. X 
Stoekwell have transfer^ their 
total shareboldibgs in Cbange 
Wares :<70D15 and 117,049 
ordinary sbares respectivdy) tn- 
Barclays Nominees (Lombard 
Street) foUowhig^ an agreement, 
between them and Bardays' 
Bazik. .The €aaxes will* be held 
by ' Barclays NOmihee^ 
nominee ifor Baidays Bank . - . 

Mr Stoekwell has resigned as 
a direetmr . of .Change Wares and 
will In future concentiate exclu- 
sively on his activities as an 
executive director of H. Stock- 
well and Co., ttte principle sab- 
sidiary of Change Wares. Mr 
Dutton remai-is -as finance 
director H. StockweH and Co. 
and Ae service contracts of ,Mr 
Stodkwell and -Mr Dutton have- 
recently been extended. . . 

SOMERS - 

Sntdidl Somers has acquired, 
a' fiirtfaer . 600,000 ordinaiy 
^ares in F. H. Tonddns at 18}p. 

This brings Mitchell Somers' 
holding to 5.91m ordlmuy shares, 
which is 23 per cent of the 
i^uM ordiiary capitaL 


SHARE STAKES 


Beztam Holdlngs-^ohore State 
Economic Devekmuieat Cozpora- 
tioQ now holds 4,066.500 oidinexy 
sbar« (20.3325 per cent). 

Thomas Nationwide Transp<Ht 
— The Australian Mutual Provi- 
dent Society now bolds 16.500,113 
“A” and 7,071,628 "B " shares. • 

D. F. Bevan (Holdings) — Mr 
Derek Frank Sevan, 4irecd>or, 
and wife disposed of ^,000 
ordiaary (OMO per cent), and 
now hold 1,430,374 ordinary 
(18.^ per cent). Mr Martin 
Frank Bevan, director, acquired 
50.000 <Htimaiy (0.63 per cent), 
now bolds 440,544 ordinaiy (5.69 
per cent). 

Bunzl Pulp and Fapm-xMr 
F. A. G. Schoenberg di^osed of 
50.000 or^ary (non<benefidal). 

Henlys— Mr G. B. Chandler, 
director, sold 20.000. Ordberwsek 
Timpo Jove Investment Trust 
sold 25.000 ordonary now bcAds 
4CO.000 ordinary (7.12 per cent). 

Town and City Properties— 
Hambroo no longer has a bene- 
ficial interest in any 7 per cent 
convertible cumulative pirefer- 
ence shares. Hazohros retains 
beneficial interest in 36,28^70 
ordinary shares. 

F. Austin (LeytoD) — lbs 
Austin, tile wife of Mr F. Austin, 
presideot, has oold 50,000 


ordinaxy shares. The . ' Frmtic 
Austin Foundation Charitable 
T!rxt^ of -which Mr J. A Austin, 
chairman, is a trustee,' sold- 

50.000 br^aiy shar^. 
Penidcalezt— The S^ts Trad- 

^ Company no longer has an 
interest of 423,517 mdinaiy 

Warner Estate Holdings— Mr 
F. C. T. Warner, director, has 
disposed of 22^500 oidinary 
tiuires. 

The G^eral Soottitii Trust— 
The Sun Life Assurance now . 
bolds 2,080,000 ordinaiy (10.% 
per cent). 

Lesney Prodnets — Mr M. E. 
Alberge, director, bougjit 5,000 
ordinary shares. 

Transpairent Paper — London 
Trust Company is now 
interested in 400,000 Mdinaiy 
(approximately SB per cent). 

Hoskins and Horton — Claxton 
and Garland has' purchased 

335.000 ordinary and now bol^ 
560,400 ordinary (2L14 per. 
cent). 

The Bio Tinto^fne Corpora- 
tion — Norwich Union Fire In- 
surance Society purchased 

175.000 3.5 per cent 'B". preftf- 
enee and now holds 470,000 ‘B” 
preference (1A95 per cent).. • 


IjONDON:T 1IAPEI> OmONS 

■ Fab. 11 TetaIContracti3,697.'-CallsS^lB0. --Puti407,. 

^rit ' I :-4qjr -.- ■ t •• O^. -, . 


BP <e) -8S0 ' 36 > 

BP (e) 300 .12 

BP to ' 330-. .9 

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BP (c) '300 — . 

CU (cj 5501.-12- 

Cons. Gld (cM 480 40 

cons. Gld 460 

euds. (e) 70 - 12 

iWdfctW 80 . . 7 

QEC (c) 800 -.60 

GEC (C) 9§0 :.87. 

GEC (pi H 

GEC' 04 880 . 'SB 

Gr‘d-Mct(e>| 200 

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Id (e) 800 

Id (c) go 

10(0) 360 

Id (p) -830 

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lattnc (e) 8S0 

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Fab. - 
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GOLD P 838a 

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18^ NL 81.87411. 
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36 S;80 

10 ago. 
W ■ iio ; 

161 0,90 

' 19 -' 0,10 
IS' 0,40 
sa ijn. 
S7.^ABOB 
28 L20 

:XO 0.50 

S -sM' i 


Feb.- ' 

BASF C' DM.140I 70 0.10 

8IEM C ,0112001 - .'^r - — . 

SLUM ft DM.6N — 

VWG DM.140r '80 . 8 . 

TOTAL VOLUME IN OONTHACTSs . 

Asj^lced' BsBId 


'll F.91JK) 
6.70 . 


■'T-'S- — . P.l^AP- 

.1 .. 1- 
■■ . — F4«r:. 

~ FJKI.70 

i.'vaB:-, -2.60- . 

w ,, It 
, ;5, ftAO; . . n ; 

,.10-» 230 
. - 9 T30 F.B1M 

■90--T ■ '.5 


-I, :C.j=. .i.lp.i&80 

•May' Aug; . " 

..--i. -. • i-'— 'fDM,1SL70- 
■— , : — r. lft: - 24 DMAIBAS 

4. j■^ £ 

1 4182. 

. ' ''.'C^Ckiii '/'PaPut ' 


1981Results 

Although, market conditions were generally unhelpful to our tinancmg 
activities satisfactory performances were ajdiieved by a number of the 
Group’s subsichades and, helped by a lower cost of money, proHts increased 
by 33% to £ 29.2 million. 


Financial HighR^ts 

1981 

1980 


Gioup profit before fa.xation 

£29.2m 

;£22.0m 

+33% 

TTamitigs attributable to diaieholders 

£22,2m 

£l2.5m 

+78% 

£amings per diaie 

before escqitionalitem 

18.72p 

11.18p 

+f7% 

after escqptiODal item 

56.43P 

11.18p 


Dividends per diare 

5.57P 

5.57P 

— - 

funds Ondodingminoii^jntstests) 

£l73.0m 

£ll2.5m 

+ 54 % 

Netborrowings 

£768.9m 

£708.9m 

*t«% 

Gross assets 

£1, 238.2m 

£1, 124.6m 

+10% 


AIhri()d(if Change 

Since we last reported on the results of die Group, two major events have 
occuired- 

• UoydsBankincreaseditsshardioldiDgto60.3% 

• Bowmaker was acquired for £66,3 rnilhom 

The acquisition of Bowinaker is a inajor and exdtii^ stqD in the 

development of our comply and the enlaiged Group "will further 
consolidate its position as one of the biggest finan ce houses in the U.K. 

With the backing of our two major shar^olders, Lloyds Bank and The Royal 
Bank of Scotland, we shall be w^ placed tx> secure an even stronger 
presence in the inaiket for our services. 

GemgelDtincaii, nifli-mifl-Q , 

lioyds and ScotbshlimitEd 


DIVIDENDS ANNOUNCED 


Current 

Date 

of 

Corre- 

sponding 

Total 

fbr 

Total 

last 

payment 

payment 

div. 

year 

.year 

Sys, 

Iff5§ 




IffS 


..int. 

nil 

— 

1 


4 

... 

oil 

..... 

0.7 

nil 

0.7 

..int 

0.7 

Apr. 8 

0.7 


2ff 

.int. 

0.75 

Apr. S 

0.73* • 

— * 

3ff3* 

..int 

IffS 

Mar. 31 

1.47* 


3ff3* 

1 ... 

5.35 

Apr. 2 

5 

7ff5 

7 - 


7.71 

Apr. 2 

7.2 

10.71 

lOff 


Gcoeral Funds 5.5 Apr. 15 5.25 S 7.75 

HampsoD Industries lot 0.25 Mar. IS 10^ — 0.75 

Imperial Group 4.5 Apr. 1 4.5 7^ 725 

Loorho 6 April 2 6 9 10(1 

Lonrho first jut. 1 April 2 ' - ' 

Martin Ford 0.65 Apr. 29 0.65 0.65 1,3 

Mining Supplies Jnt nil — nil — 2 - 

Mountlelgh Groop ...int 1 May 3 1 3 5 

Noifolk Capital Off Apr. 27 0.7 Off Iff 

River and Mercantile... 5 March 26 5* 7.5 7ff* 

River Plate & Gen. 4ff5 Mar. 26 4* 5.5 SffS* 

Standard Bank Inv. Cpn. 2SS — 28 40 40 

Thcnnal Syndicate 4t Apr. 14 7 7 

Weber Holdings 15 — 15 20 17 - . 

Dividends shown pence per share net except where otherwise 
stated. * Equivalent after allowing for scrip issue, f On capital 
inereased by rights and/or acquisition issues. tDire^rs expect 
t-otal of 3.Sp. f First and final dividend, f South African cents 
throughout |) Including Ip special payment - 


4.5 

Apr. 1 

4ff 

7ff5 

7ffS 

6 

April 2 

6 

9 

10(1. 

1 

April 2 






0.65 

Apr. 29 

0.65 

0.65 

Iff 

nil 

— 

nil 


2 - 

1 

May 3 

1 



3.5 

Off 

Apr. 27 

0.7 

Off 

Iff 

5 

March 26 

5* 

7.5 

7ff*. 

4ff5 

Mar. 26 

4* 

5.5 

SffS* 

2SS 

— 

28 

40 

40 

4t 

Apr. 1 

.4 

7 

7 

15 

— 

15 

20 

17 


BANK RETURN 


Wed need 
Feb, 10 11 


Ineroaio (+} or 
DooresMf^ - 
for wuk 


BANKING DEPARTMENT 


Uabitftiu 

Capital................ .. . .. 

Public - ■ ■■■■, • 

Bankart p*pM»« 

Reserve A other aefionmt — — 


Assets 

(iovemmant — 

Ad vances a ether Aooounts 

Premises EQulpmenf A ether 1 

ease """'""'"'""""'r. ' ‘ 


£ 

14 , 563,000 

41,849,986 

697,026,8»6 

1,566,713,921 

3ffl9.648,663 


645,366,069 

1054,928,886 

608^78,896 

16261,888 

207,955 

2ffl9,648ff63 


ISSUE department 


UaUlitles 

Notes Issued .. 

In Circulation 
in Banking Oepartmeirt — ' 
Assets 

GevemmentDebt........... - 

Other (iovemmant Seeurltl 
Other Securities . 


10,600,000,000 
lOffSS, 758,147 
16ff61ff53 



•f 4,099,01? 

•i- 21.106,518 

+ 82,106,698 

+ 57,314,124 

e 62,116,000 
4- 13,808,792 
17,291471 
+ gjlWffSe 

- 8^,488 

+ 57ffl4,U4 


9,16(VBB6 

9,160,986 


4- 60,664,518 

- 60,S54fflB 


SUMMARY OFRESULTS 

f or IJie tb 27 Sep^T^^ 


-lumovff 

'FfofitontEaifiBti 


Earnings per tihme. 
DMdeiids per rime 


. 1981 ' 

1980 


fDOO ; 

;-£iaoQ.-- 

“ 

2«21 

.■■30334-r 


. -T'.^ ' 









^8J5p: . 


>• 

.209.^*; . 




aadnMasseft9griia ml ne »Ma a.IMBiift«fa « i i ii i J .. ^ t . 


BoaribuoablefopieriddQ'hnpriveoiettittlevffa^^ 
pirthabUHy luriiiirnryf iif liiii iiiiiiiTiiiii I'lii — . 


Seari>oroi^.Ydn4PQ:w J 




I '"vr. 


m- 




Frii^te; lav^tjpAi^ 


Floating 


" V-. i 


F«. the " 
Aag^‘1932,' 
Ijer - 





5 a 


itt|throat battle hits profits 


UK NEW CAR MARKET 1981 


1»M 


By Kenneth Gooding, Motor Industry' Correspondent 


fr ;! 


^ .1 


1 1 if 


Eii !a 


' -'?C&E SOdE^TY of 'Motor Uanu- 
^.fibtIlreE^. Traders^ cbm- 
Utter , bas dissoi^^ 'the 
: ~ statistic ahoot sew car 
-«aUis iB Biataia last year and 
Stnakes usoomfortaUe reading 
' rfi^eiiizie ooQiinaies. ; 

. : co&tbroat i»S 90 ^ the. 

. .of' 'price^tdng and 

r:-'.a3ai0a&.. ' ather.':- incentives' 
xfemained fiie 'i^o^ feature «f 
nai^ last year, something 
i_ '^eliara.staiiaties cannot show.'.- 
'■;i^t imanyypeopfef that 
; ^ faectBc actiyi^ poshed 

' '-Mid sales wlisle doing ddithmg - 
\ the tvofitability of indi-; 

.^al < ;companiffi . or ytheir 


Ceit^idy tte nev^ oar market i 
.'..T hot - faH " as ' far- as was - 
: Registrations totalled 

'down only per' cent. 

: :«fiist:'tlie d? per cent' drop 
*'• ^peosst by ^ ibe indus^ ini 
'Ahhaiy last ^ar. 

. - .tinportto’ dare' of the 
: garlmtaiipped'fipona the f^rd 
■-^^percertin 1980 to 5S.7-per 
*' odh" 'The main anfluehoe was 
•>' '£jo^*it decition to a^mble 
'him -of. the cars 'st sold in 
■“* British . plants- 
iinsGaad. of bringing’ th»m from 
- ;Ee^Tai dr Germany. 

-203,291- of • the - 
y^oi^ registered were 
■ -'- 'hsseitibled outside' fiie UK— 
_^^j£gU8senling 13.^ per cent, of 
r .cne-tot^.-sritssh' markeb^dih-' ' 
pared v#h 216,760 or 14.31 per 
/ cent' Jh .1980. ' " 

'.;-4:^ummu!g up . you could say 
L -^mM; Jt "Was a year of mixed 
f(dliiDes , for . the . UK-based 
'’'.ihuufiuituz^rsi a ye^ when the 
.iGjSzmufi made great progress in 
; r Bwtain but it wias something ^ 
t disaster for the Frendi. 
?^-‘'Gnly. . two years ego, for 
. emo^,- Renault seemed 
ctgtMh to- reai^ a 6 per cent 
. V msrtet- diaie in the- UK, :was ' 

• ‘pmdniining loudly it would 
Jgsbartly take over from Uatsun , 
the . leadiQg “ traditidztai ”* ' 

' hi^orter and that it vras aiming 
: ^ .Annual registrations of - 
' 1(0,000 in Britain. - 
' Instead Renault went. into re* ] 
verse, lost UK market share and ' 





Hie topAdOng marqnes in 1981 of Britain's top three ear 
manufacturers: the Ford Cortina (top), BL's Austin Uebro 
and ’Vauzhall's Gbevrtte. 


right-hand-drive versions of the 
recently launched Samba, with 
its .claimed 60 mpg economy. 

^ese two cars in a full year 
should add B per cent to 


oHich disturbance to the home 
manufacturers. 

The 'VAG deaiers in Britam 
believe they could capture and 
boM. a 10 per cent riiare— VAG 


Talbot's penetration and the takes in .ttae -.VoIkswagen and 
:company*s target is to be back Audi iDarmies. 


at 7^ per cent In 1983. 


But 'VAG . (GB), .wMfdi is a 


All three German car manu- Lonrho subsidiary, is much 
facturers made real progress in more cautious an^ like 'the 
Britain last year — it was not other companies which have 


'• '..sales. • Look for the reason and Registrations • of Mercedes 
: ■ a .different story from cars in Britain passed the 10,000 

■.’thcT’ 'manufacturer and -- the mark for the first time and'the 
:..alKialers. Renault hints, un< xnc rmained one of the best 


Joffidally,. that . some of its 
'dealers were not up to the mark 


markels in the worid for the 
mor&expensive end of the 


: m 


ind were simply hot good group’s range. Indeed, Biitaih 


'fi 


; ..etujugh to sell new cars in a « the best European market for 
. competitive market Some the top-of-the-range S^dass 
dealers maintain the company saloons, SL sports' cars and 
^:bia been too bureauctatic .and i^ppes. and TL estate cars; 
‘^indexible in its approach and Menses mrintaims: •** Good 
rbas been too interested in mai^ serrice. ' from a sotnupy-ibctsed 
.r'JOtt., Share, rather than.-prbflK rjSd piofitaibie desder netwoj**»' 

<The-JapMese played 
; if.;^ t6. fau back the g^e lo the agreed 

.. ’SUov, iateate.to build 

.'Its. share' b^ Squeezing just Delow •. 

gradually and has H.percent of the market 
- .^g^fting ubout 100,000 a. 

La^ 'yenr was traonjatic'for the m aximiim aCC^eptable 

'fefmc^ub^lS to the British industry? 
.•{aianagedtoholditspl^ •" 

-S^haitet. . Bnt sales of Peugeot is one factor in its success wibole 


andjbose of tim -XailbDt UK 
oot badSy b^uod; 


anottim' is Itiat its cars do sot 
depreciate as fast as most rivais 


Panidbiomdly, .was in .in. the “ eX'Cicutive 


|. part becaose of moves to ' Mercedes has owned its 'UK 
wWigthmi -Pimy nir^d' -cbinpany ‘fOT 'the' 

Talbot netiroiks by welding seven years. BMW took over its 
them together so that cars -of unporier in 1979. Soice then 
i- hn ih Tnawjtips ha sold Side _ cales flf BMWs in- Britain have 
by Slide in. the same showrooms, risen by around 25 per cent 
nus<bas caused Internal dis< The maoasdng tUrector of 


risen by around 25 per cent 
The maoasdng tUrector of 


ibptimi . . imd ' ■ to some extent BMW (GB), Ur Walter Hassel- 
^iv^rted- -' -Ihe . • managements'-- Iw, -reckons that, even though 
attention -away from the main bds cou n p an y sold a^ record 


objeetive:';inai&taining car sales 
in .a veiy:4if5cult markeL - - 


17,000 cams last year, it could 
have.di^sM'of another 2,000 


T^Hvot, ' accoi^ng' to . ,assist« if th^- had been evadlable. 
ant wMTiagitig -ffiTector Mr Fti- ' Siifee' t-aJdng over its own im- 


Avenger, went out. of production sem«^ co^ 

when- Uriweod shut down and BMW onghtaBy - estimated it 
'lhese'"two models couJd have could seU 17,500 cars m Bnta«i 
Biven'the-coinoaiiy year but, in Ihe light of the 

other II per cent mariiet tfiarel 1981 perfoianaoce, has increase 
T3te Mo^Oii will this year -tif&forecasttolS.OOO.UrHessel- 
count as British ” car as it bus beKeves the group ulti- 

is being assembled (from mateJy could acSue^ and-bold a 
at .Covaitiy and 2 per .cent -market share in 
the “comiw will soon have Britain . without causing too 


try in Japan seems to be taking 
the view that as many Japanese 
groups as possible should gain a 
firm foothold in the UK market 
just in c^e one day freedom of , 
operation returns. 

For example, in e year when I 
total Japanese registrations 
dropped from' 180,000 to 
163,000, the -two minnows, Dai- 
hatsu and Suzuki, were allowed 
to more-than-double • sales in 
Britrin, taking them to a level 
at 'wbi^ a modest dealer net- 
work could be sustained. 


The Japanese " restraint *' 
started in 1975 and was 
.designed to give BL some time 
to recover from a position of 
•severe weakness. 

BL would claim that the 
lecoveiy actually started last 
year.' For the first time in 
seven years it showed a market- 
share improvement, up from 
the depths of 18.2 to 19.2 per 
cent .And it showed an 
increase In unit sales, up from 
276,000 to 285,000. 

-Mr Ray Hoirocks, chairman 
Of BL Cars, believes that if the 
1982 new car market reaches 
the 1.5m, as has been widely 
forecast, tbe- group will 
Improve its penetration by at 
least another 1 per cent In 
fact die dealers insist that 
close to 23 per cent is a possl- 
bili^ tills year. 

Ford set itself a highly^ 
optimistic taiget of 33 per cent 
of the market in 1981 and claims - 
- it would have met it if only its 
British plants had produced 
the nomber of cars they were 
scheduled to tu.m out 

Some Ford dealers, still ex- 
hibiting tbe scars from the price 
wars of 1981 are not so sure. 
Ford says that no customer can 
be more than five miles from 
'any of its dealers in Britain. A 
proud boast. But it does mean 
that ill difficult times the Ford 
deaiers battle among themselves 
as much as with tbe competition. 

'T had record turnover last 
year- but 1 made hardly enough 
profit to keep the business 
afloat,” said one Ford dealer 
who complained bitteriy about 
some of the methods used by 
others in the network to snatch 
business from hiim. 

Fqrd is. loolADg.for a 32 per 
cent market riiare this year, a. 
modest 1 per cent improvement 
But in 1982 (he Cortina, best:- 
selluig individual model in Bri- 
tain for so many years, win go 
out of production to be sue-' 
ceeded in the autumn by the 
Serra, by all accounts very 


different from tiie vriilde it 
.replaces. 

Ford also admowledges -tiiat 
the Triumph Aedazm, in its first 
full year, dent Escort 

sales a little todule the new 
Vauxhafl Cavalier, the British 
version of General. Motors “ J ” 
ear, is a major oonspetltor for 
tile Cortina, 

VaushadI ended 1981 In fine 
style, shanks mainly to the 
Ca'vaUer, and- bad an 11 per 
cent market share in both 
Novemlber and December— 4he 
best months for the' group since 
November 1978. 

General Momrs is combining 
the VaushaR dealership net- 
wbik in Britain with that of its' 
'West German subsidiary Opel. 

6 In 1982 the Cortina, 
best-selling individual 
model in Bri tain for so 
many years, will go out 
of production 9 

The man -put in to mpervise 
the reAructuring and to oversee 
Vauxhairs predicted- come4>ack, 
Mr John Bagtiiaw, insists the 
network can 170,000 'new 
cars this year for a market 
share of around 11 per cent. . 

By the mid-1980s Vauxhall- 
Opel wi'U have over 16 per cent, 
he forecasts. 

Of the other major importers. 
Fist has been struggling to find 
the rig^t formula in Britain for 
both its Fiat and Lancia 
marques. Its maiket share sunk 
from 4.6 in 1979 to 3:4 per cent 
in 1980. The group merged the 
Fiat and Lancia dealership net- 
works and aimed Cor more than 
5 per cent in 1981.. 

Having missed the target 
again — its actual share was 
just over 4 per cent — Fiat, is 
more- cautious about 1982 when, . 
it looks for a 4.5 per cent share 
of a 1.5m marfceL 

In comparison, Volvo is one 
of last year’s success stories. It 
not only had record car sales 




BL. . 

BMW 

Colt 

Daihatsu 

Fbe 

Lada 

Mercedes 

Saab 

Skoda 

Subaru 

Suzuki 

VAG (Vblkswagen^udl) 
Volvo 


Ford 

Vauxhall 

Mazda 

Crtrectr 


Alb Romeo 

Datsun 

P50 

OpcT 

Honda 

Jeep 

Panther 

Peugeot 

Talbot 

Reliant 

Renault. 

RoHs-Royee/Bentley 

Toyota 


Gontlx 


' UK 

West Germany 
^apan 
J»pao 

.Russia 

Weft Geimany. 
Swedoi 

. CzechoiriovaUa 

Japan 

Japan 

Wert Germany- 
Sweden 


-R^isttations Marfcri sham . .^cgistntiMs Maiket dim 


WINNERS 

275,798 

13^ 

10J73 

1,355 

53,299 


285JI71 

17,0M 

11,209- 

3J»9 

51,977 


13JM3 

0A6- 

15,508 

8#76 

0A9 

10.667 - 

tfiin- .. 

0A3 

9,461 

.7,906 

052 

.8,507 • 

3,252 

0,21 

- 34n. 

1,116 

007 

2,533 

68,285 

«T - . 

aojutT- 

'38,283 

2J3 

44,552- 


NEUTRAL RESULTS 


UK/Germany 

4H7M 

'30,7 • 

459265 

30.94 

UK/Germanr 

109,218 

721 

107,572 

724 

Japan 

15,370. 

1AZ 

15294 

^Jas 

'France 

27i006 

1.78 

27295 

125 


LOSERS . 




Italy 

10,219 

068 

84»0- 

• •••■024 

Japan 

91A93 

6A7 

88209 

5.94 

Pola^ 

3JW 

026 

2229 

' ft.W 

•West Germany. 

22,869 

131 

18,796 

T26 

Japan 

22,760 

L5 

15274 

-126 

U5JC 

106 

0.1 

68 

ojdo 

UK 

95 

031 

42 

- . 020 

France 

24,333 

160 

17205 

1.19 

UK/Prmce 

90^74 

63 

68,048 

428 

UK 

682 . 

OAS 

308 

022 

Franca 

88,343 

5A4 

72241 

. 425 

UK 

1,315 

-039 

1218 

028 

Japan 

- 34,167 

.226 

23205 

■ 128. 

Total Bntbh 

6S5JI89 

432 

658289 

4423 

Total imports 

858,319 ' 

56.7 

826233 

552T 

To^ nurket 

1J113761 

100 

*1284222 

100 ' 


Souret: Soeiacy of Motor Mtnufmeturus ond Tndtrt 


In 1981, but its maricet riiare 
reached a record 3 per cent 
Dr Jim Maxmin, the chief 
executive of Volvo Conces- 
sionaires, the Lex Group sub- 
sidiaiy which imports the cars, 
claims his company's 1981 per- 
formance ” reflects the consis- 
tent application of professional 
management techniques -to re- 
solving buriness problems 
rather than simply employing a 
series of short-term sales gim- 
micks and give-aways.’-' His . 
strategy ” is aimed at providing 


our dealers and customers with 
the-highest possible standard of 
service in order to ensure long- 
term growth through bigb levels 
of repeat purch^.” 

(Certainly it does seem that 
those companies which have 
made real progress in. Britain 
since, .the .peak.' 1.71m market of 
1979 are those which have' not 
attempted overt "ginunicte 
and give-aways" .'(althou^ what 
their dealers do in' the privacy 
of their oto ^e$ rooms is 
another matter). 


Dr Maxmin predicts that the 
market conditions will not im- 
prove. in 1982. " The recession 
is hot the major problem tbe 
motor . industry has to face. 
Over-capacity is. - Because of 
the over-capacit3^ 1982 will be 
a battlefield of incentives and 
price-cutting." 

Kenneth Gooding wrote ' on 
world cor sales 'lost Wednesday, 
February 10, and . cm.- personal 
ear .imports into Britan last 
Saturdatf, Febnmry ft . 


^ , jnstud B^auit wrat.into rfr simply a question of maintain- made headway, in a depressed 
K UK maritri share and ing unit sales in a depressed UK meikeL is ogneentrating on 

i.f^ered a sh^ declme m car market- controlled and steady growth so 

- .gales. Ixiofc ^ the leasDn and Registrations of Mercedes as not to overstretcli the net- 
: ■jph..S®t a .different story from cars in Britain passed the 10,000 wor^ 

’“B®**cturer ^^d - the mark for the first time and'the Even so the company aims to 
' B®oault hints, un- XJK remained one of the best have an 8.5 per cent share of 

j^^lly_ mt some of ite maikels in I3ie worid for ttie the UK market by 1985 and 
diners were not up to the mark more-expensive end of the this would have been considered 
; and . were simply -hot good 'group's range.' Indeed, Biitaih extremely ambitious back in 
,.eiu)ui(h to sell new. cars in a is the best European market for 1979 when it had just 4.4 per 
. competitive market Some the topof-the-range S^aass cent. - 
dealers maintain the. company saloons, SL. sports' cars and .There noW seems litUe to 
been -too bureaucratic .and loupes, and -TL estate -cars; prevent VAG this year selling 
vinflexible in its approach -and .; Me«5Wfde5 . 'maintains: - “Good 100,000 carstoovertakeDatsun. 
rlus been too mtere^ed in mar- sert^.'from a sowndly-he^ TO ate the -mitidr 
r'joar share, rather than.-jirbflt- :jSd profitaibie deader netwojlc*^ •‘4iti^rfter:(-'Tr#5ttti inerts. 
ghMlUyr- - '"7 ' ' are highly visible compared 

- . '^The-TanaTiPCP hinwtl “captive” imports by 

futheintched up ti the coanpany .•■Xfle Japaiiese piayeo, UK=-based companies from their 

"if.;^ t6. fau . back J^in tins, me g^e to tnei agreed overseas associates), 
year. ---' T ' ' -hilpc lnfit vpar hv Datsun UK, a privately-owned 

‘Roiaitit now ihtends.lo build company which has no equity 

.'Its. sih^' back Squeezing JUSt OelOW -. Unks with Nissan in Japan, wUl- 

' .Jx^ -mo^- gradually and has , il'.ner Cent Of the market ooustrained, like the rest of 
; a. have been- 

Lari year was traon^atic'for the m aximum apgeptahlQ on car shipments to Britain. 

other French group, tn the British inriiistrv 9 Japanese played the 

•^ugebt Its Citroen subsidiary " -DlTElsn inuusny 7 to the agreed rules lari 

•piaiUEged to hold its place in the • " year by squeezing just below 

But sales of Peugeot isone factor in its success whale tbe 11 per cent of tbe market 
^jfm'uidihoseof timT-alhDtUK anottitf is -Itiat its cars do not which would have been the 
Iril badty mvmA. depreciate .as fast as most rivais maximum accep table to the 

' Panidbximdiy, tiiis was in .in. the ” executive ” class. British industry. The . system 

• put frp c aris g of moves to ' Mercedes has owned its 'UK went haywire, in 1980 and the 
'**^riQliirii**'~tfae Pei^'oit-^d' - imihori -eomipmi7 -for -'the' pari Japanese, in. spite of frenzied 
Talbot networks by welding seven years. BMW tpok over its lari-minute efforts to'k'eep down 
them together so that cars -of unporier in 1979. Soice then registrations, ended -that year/ 

Tnawjtips £^be sold ride - sales of BMWs -in. Britain have with .11.3'per cenL- • 
by site in the same showrooms, risen by around 25 per cent Last year those Japw^ 
Ihis-^hte caused 'internal dis- Tbe manasteg terector of companies 'Which showed the 
rimtion riid -to some extent BMW (GB). Dr Walter Hassel- biggest sal» gro^ m 1980— 
v^^rted- -’ -the • • managcinenfS’--lais, -reckons that, even though Toyota and/Honda— were forced 
attention away from the main bis coanpany sold a record to give ;back the apturod 
objective: mamtainirtg car sales 17,000 cams last year, it could ground. Almost cei^n^ ttis 
in a verv^difficult mazkeL - - • have . di^sM of anotiiet 2,000 'w*? because of an edict by me 

TtfboL ■ accoidine' to . assist- if ih^- had been avadlahle. Japanese authorities ^ rather 
ant iwATia^iTig -^tetor iix FU- ' Sufee' t-aJdng over its own im- than normal commercial' and 
mer -KwadasB have ri port business, BMW has concen- competitive reasons. 

3eari-7.per. cent of Ihe 'UK mar- trated on improving its “ -vaiue. However, the Ministiy of 
ket hiri oL its car plant for money ” image by holding International Trade and Indus- 

at ldaMood in Scotland last year price increases to . a 'lmnimum — try in Japan seems to be taking 
was boh^ to bem more than bo-tii on cais and spare part^ the view that as many. Japanese 
jari a! asythPloM -’iTnpact: teS^helpatig ihe -teriers make a groups as possible should gain a 

Taibofs Mtia-w hatdibft^ &e suriained effort to improve pro- firm foothold in the UK market 
Sunbed and tiie medium-sized ductivjty and thus down just in case one day fteedom of 

Avencef. wentoirt ofjproauction servfofajg eosis. operation returns. 

shm down and BMW origiaaHy . estimated it For example, in a year when 


HOW GAS HELPED GKN 

TO ENGINEER 
A 30% FUEL SAVING. 


GKN Shardlow is among the world’s 
largest manufacturers of fully machined 
diesel crankshafts, supplying automotive 



complete, this figure is esqjected to reach42%. 

, The (3se -histDry is so impressive that 
GKN Shardlow have won the 1980 Gas 

Award for industry, 
opportunities for such 
are by no means rare. 
yw you many other such 
fere large economies have 
icause fuel conservation is 
i the nation^s interest, it can 
highly profitable. 

Perhaps you might 
take, a look at your own 
use of fuel and 


jnmGETOHQDDEBSjOF 


WO-Y(ffiiDOCO.,I/H). 


HOTUiBTO^LDEBSOF . i NOTICE TO HOLDEBS OF 

rrO-YOKADOCO.,L'iD; | iTb-YOKADdCa,LTi).. 

7.3K CCINVERTIBLE Btuebs 
DUE1990 

Pmsaant to CJIainse 7^ of -Qie 
Compsnjr^ThisfcDeed dried «s of 
^th Ji^i 1980 relating to the 
above-mentioned Bonds notice is 
hereby given as follows: 

L On Febmaxy 2, 1982 the Board, 
of Directors of the Company re^ 
solvedtomalmafreedistributionof 
shares of its (Common Stock to 
shareholders of record as of Febru* 
ary 28, 1982 in Japan at the rate of 1 
new sharoibr each'lO sharas hrid. 
2. Accordingly, the conversion 
riceatwhich the above-mentioned 


1 . 0 hJan 




of Common Stock of the Company 
will he -'adjusted effective as of 
Mar^ 1, 1982, Japan time; The 
cemversion price in effect before 
sach adjustment is ‘Sbn 1,160 
-share of Common Stock and the 
adjusted conversion price will be 
Yen L054.SO per share of Common 
Stodt* - • ■ 

nD-YOEADOCO„LTD. 
l^TheBankofDikyo 
^Ikast Company 
aslhistee 

Dated: Eebmaiy 1% 1982 


ask us for 














24 


jlnancial Times ^1^ 




Companies and Markets 


UK COMPANY NEWS 



Christie-Tyler 
losses mount 


AS PREDICTED last October, 
increased losses have been 
shown by Christle-Tyler, furni- 
ture maoufacturer and 
upholsterer for the six months 
to October 31 19S1. At the pre- 
tax level, the deficit mounted 
from £443,000 to £739,000 on 
turnover 6 per cent higher at 
£35.55m. 

Mr George Williams. , the 
chairman, had also predicted 
that a loss for the year u a 
whole was also likely. The 
directors now add that the rate 
of loss in the second half year 
to date has been greater than 
for the first half. However. 
“ measures are now being taken 
to restore the company to 
profitability in 1982-83.” 

The difficult trading conditions 
have resulted in the interim 
dividend being passed. This 
compares with a previous 
interim payoient of Ip. In the 
last full year a total of 4p was 
paid from pre-tax profits of 
£567.000 on turnover of 
£74.39m. Losses per lOp 
ordinary share were shown at 
7.7o: against eamisgs of 7.6p. 

The autumn trading period, 
which is normally the peak .sell- 
ing time, failed to meet 
expectations, say the directors, 
while irading during the 
January sales was extensively 
disrupted by exceptionally poor 
weather. 

At the trading level, losses 
increased sharply from £183,090 
to £811,000. Interest charges 
were lower at £128,000, com- 
pared with £262,000. 


There was no charge for taxa- 
tion this time, after a previous 
credit of £231,000 and a deferred 
tax release, of £950,000. In the 
last comparable period there 
was also an extraordinary debit 
of £590,000; which left 
attributable profits of £146,000. 

• comment 

Cbristie-Tyief's interim pre-tax 
losses, 66 per cent greater than 

• in the comparable period, are 
due overwh^mingly lo the per- 
formance of the lower end of 
the upholstery market. The^ 
combination of a high volume^ 
low margin product and sharply 
failing demand has been 
disastrous. The company spent 
£200,000 during tlie half year 
on reorganisation, involving the 
loss of 100 jobs. In January a 
factory closed with a further 90 
redundancies and its South 
Wales worWorce of about 2.000 
took a 10 per cent wage cut 
Christie can justifiably blame 
the weather: in January, the key 
sales period, it was forced to 
shut down for two weeks and 
claims to have suffered to the 
tune of at least £lm in wst 
sales. The rises in the price of 
foam will not help current 
trading. Last year the company 
made £lm pre-tax in the second 
half. This year losses of some 
£1.5m for the year must be a 
possibility. The shares lost ip 
10 finish at 35p. barely above 
a seven-year low., where me 
market capitalisation is £3.4m. 


NEGIT SJL 

10a, Boulevard Royal, Luxembourg. 

NOTICE TO SHAREHOLDERS 
NOTICE OF MEETING 

NOTICE IS HEREBY GIVEN ihii . Extroordinanf Oan««» ?' 

Negit S.A w,ll be held ai the roeiwerad otfice of the in 

Luxemlwura. lOA Boulevsid Royel. on Tuesday. 2nd Marc^ a* 

11.M hours® for the purpose of consldenng she following Ageribe. 

\ To emend Article 3 ol the Articles of Incorporatioti by «ncelhng the 
aenienca " The Corporation may borrow money in any form (m 
the English version) and " La Societe pourra emprunier sous touies 

formes (in die French version). „i««i in ,he letter to 

2 To approve the new investment policy, es outlined in the leit r 

■ Shaieholdars deed 9th February. 19B2 Ariw,e«r and the 

3 To raiify the appointment ol c new Invoetment Adviser ano 

discharge of the forme- Investment Mviser. 

£ To rsiifv the appointment ol a new Custodian. .hum 

bI To receive the resignation of B»i8iing Directors end to discherg 
in respect of the execution of their mendaies. 

6. To appoint now Dlreetors. 

The General Meeting shall be regulerly ~S«sMtmg 

defiberata on the first resolution if a Quorum of Shajeh^ers reprw 
one half of the share capital is present or rapreserwed. iTbe Rrat reso^^ 
will be carried by s maiority of three quarters of votes of those present 

resolutions will be earned by s S' 

and voting either in person or by proxy, provided however that the 

to vote or give orexias Proxies should arrive at *e «gi8ier«d olfica at 
the company not laur than *sha?aho 3ew dated 



on request at the registered oftice of the company.’ 

By order of the Board of Direelors,' 

J. PIERSON, 
Secrete ly. 

Luxembourg. 9th February. 1982. 


Greycoat 

Estates 

ahead 

TAXABLE PROFITS of Grey- 
ELstates rose from £239.688 
to £2^,151 for the half year to 
September 30 1981. Turnover 
was down at £343,830 against 
£480,952 previously. 

This property investment and 
development company is not 
pacing an interim dividend but 
Lord Cbeimer, chairman, says it 
is his intention, given the 
availability of sufficient distri- 
butable profits, to declare a 
final dividend of Ip per lOp 
share for the full year to March 
31 1982. A single payment of 
0,3Tp net was paid last year.- 
Group profits before interest 
and tax dropped from £213,396 
to. £100,623 while net interest 
income rose sharply from 
£26,292 to £164,528. 

Lord Ciielmer says the results 
include substantial interest 
income on funds subsequently 
used in developments. The 
interest credit for the second 
half .will thus be considerably 
lower, he says. 

He points out that the results 
for the second half will include 
a contribution from City Offices, 
acquired in January and that 
the group's profits should con- 
tinue the upward trend of 
recent years. 

Tax took £105.000 against 
£130.000 leaving profit after tax 
of £160.151 (£109.688). 

Key Properties 
expands to 

£216,000 

Pre-tax profits of Key City 
Properties, the Gibraltar-based 
property development and mvest- 
ment company, improved from 
£43,000 to £216,000 for the nine 
months to l^cember 31 1981. 

The figures included profits of 
£207,000 (£40,000) on disposals 
and were after management 
expenses of £160.000 (ISSOOOJ. 

Tax took- £4,000 (£1.000) and 
after convertible loan interest the 
available balance emerged at 
£211.000 (£41.0001. Gross rentals 
totalled’ £188.000 (£157,000). 

including those of- the I^e of 
Man subsidiary Dudula. and pro- 
perty expenses amounted to 
£19,000 (£56.000). 

The directors say the disposals 
were of six flats: no further such 
sales are anticipated for the 
remainder of the year. They add 
that wiili plans for the Spanish 
frontier gales to open in Asrll 
the future is viewed with con- 
siderable coofldewe and 
optimism. ^ . . 

A dividend of 2p was )iaia m 
January and no further. payments 
are proposed for the 'current 
vear. The eompanjf's shares are 
unquoted. Pre-tax profits for the 
full year lo March 31 1981 
totalled £77,000. 


Robt. Douglas setback but 
workload improving 


A DROP of £375.(K)0 to £747.000 
in .pre-tax profits is reported by 
Robert M. Douglas Holdings for 
the half-year to September w 
1981. Turnover of this civil 
eng&neer, buil-der and contnu^r. 
rose from £52.Sin to £53.6&n. 

Following the oncHfortwo 
scrip, iDterim dividend is 
0.75p against an adjuste<i 0.734p. 
Last year a final of 2.6p 
(adjusted) was paid, and the 
board expects to recommend a 
total for the current year of 3.5p. 

Mr J. R. Douglas, the chair-- 
man, ^ys that although the 
results are “somewhat 
disai^inting,'' the group 
entered the second half with a 
substantially increased w’orkKrad 
in construction and in speciaHst 
sub-contractins. Most contracts 
were taken at keen mai^ns, but 
he says it is encouraging to - be- 
able to report the improvement 
in work obtained. .. 

Basically group profits have 
been hit by the reduction in total 
demand in the UK for • goods 
and services supplied by the 
coiuipany's coostincCioD equip- 
ment division and in plant hire, 
although overseas companies in 
the division enjoyed buoyant 
trading conditions. 

He says the benefits of the 
re-organsition in the speciahst 


contracting division have not 
yet materialised, and the division 
(grated at a loss during the six 
moDt^ 

The construction dirisioo 
profits were greatly improved 
compared witti the correspond 
isg period last year, although 
substantial loss 'provisions are 
recoverable dn due course in 
settlement of final -accounts. 
There are prospects of further 
improvement in the division's 
overseas order books, albeit m 
markets -winch remain hignly 
competitive. 

Ibe pre-tax figure for the 
half-year was struck after d^re- 
ciatAon up from £1.5m to £L68m 
and interest receivable of 
£324.000 (£91.000). ’IT*®'™?'® ® 
tax charge of £242.000 (£309.0001, 
leaving attributable profits down 
from £813.000 to £506.0()p. Stated 
earnings per 25p share fell from 
8p to 5p. 

• comment 

The construction sector is still 
performing quite well, witness 
its continued outperfonnance 
against the FT Indus&ial Group 
(487) Index, but the upturn in 
UK work does srom to be 
accompanied by a rise in poten- 
tial losses on public authonty 


contracts. Robert flt Donbas 
had hoisted its 

load by some 50 per cent by the 
start of the second half 
although margins remain ex- 
tremely fine, more worrying u 
the £lm plus 
local authority -work m Jbe 
lands and WalM. the 

interim pre-tax * 

third can mostly be pinned on 
the construction equipmrat divi- 
sion which, with plant 
turned down by about £500,000. 
The losses at specialist contract- 
ing, too. have deepened by some 
£200.000. So there maJ^ lo® 

elimination of perhaps £700,0w 
but the second half wM depend, 
as ever, on 'the incidence of con- 
tract completions and. equally 
on any recovery on loss prw- 
sion. not least tiie fl50,000 
written against DEE’S Egyptian 
cootracL It must be a fair bet 
that associate income will revive 
this year but any real improve- 
ment in margins either at home 
or overseas most still be some 
way ahead. Pexiiaps the best 
that can be said for tiie shares 
at 76p. down 7p yestetday. is 
that important construction 
side has restored a full y e^s 
workload while the prospective 
yield of 6.8 per cent offers some 
^pport 


Thermal Synd. slides to f0,5m 


.\FTER TAKING “determined 
action '' during the year lo 
reduce costs— which resulted ip 
redundancies — Thermal Syn di- 
cate is now financiaily strong 
and bas reduced group borrow- 
ings from £770.000 in 1980 to 
£420.000. .says Mr J. E. Bywaler. 
the chairman. 

He adds that the balance sheet 
will show that the group is in 
a very healthy position with 
access to sufficient funds to 
finance future expansion. 

Meanwhile, the group's figures 
for the year to October 31 1981 
show a substantiai fall in pre-tax 
profits, which are dow-n from 
-£1.4m to £50$.626. The^final divi- 
dend is unchanged at 4p making 
7p (same I net on increased 
capital following the one-foD 
three rights issue. 

Turnover of this manufac- 
turer and fabriwlor of fu»d 
quartz, fused siiTca and high 
temperatuie refractories, was 
down from £15.04m to £l4.Q6m. 
Tax for the year was well down 
at £6..349 (£236.099). leaving net 
oroflls of £.'i02J77 compared with 
£l.l6m. Extraordinary items 
have not been included In -the 
arte^taz profit. These resulted In 
debits of £35.426 (nU). 

Stated earnings per 25p share 
were T.82p against 21.91p. 

The diainuan says production 
tecitniques contiinue to be 



'tin 


■■■ 






^ G^ta^ Circle Route to Asia and AuslraPta 


1 -( 1 * ♦ ‘ft 't-'- 

It* - ")r - : J -V r 

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, ^ t. ■ t-’P n ^ 

. -r ! ^ .^ 1 - ‘ J 

IP r w p ^ ^ - f-'' ‘ 

--1 A i ■- - <- -! 

. - • . , • . , j-i- .-s . ♦**» ,^, »- o 

r;irii-:;urv, -w •.<£ .-i.- 

- t . , (t j,v ' . 


AndH* ’ oj -e- bouab 0 

i 3 daiiSt tbf ’’u. tV ^ ? 

(F ■*< 

p'.*.- Theti s ,r 

f ^ -{s ^ ^ i' 

’trj-waei-her v'Otvft. reCTF&ng-in-ti 
ta JiFit 


Filll t. ' s.' 


> 1 * *■ . t .'J 


Smooth as silk 

4 a«itfT¥.*nts ; 



improved, and new products .are 
being introduced and .these 
actions should enable the group 
to mainrain its positiion 4n world 
markets. q»l to improve profit- 
ability when ihe economic 
upturn does come. 

On a CCA basis, there was a 
pre-tax loss of £99,900.' 

• comment 

Thermal Syndicate’s forecast of 
a better second half was 
justified by events but only to 
a very moderate degree. Even 
after cost trimming exercises and 
with the advantage of a £1.3Sm 
rights issue, to reduce the 
interest charge over the fink] six 
months. Thermal's second-half 
profits were less than £0.4ffl. 


Turnover was ' lower . In real 
terms by something nearer 20 
per cent than the 6 per cent 
no minal drop SO undeivrecovery 
of fixed costs was inevitable. The 
rights proceeds . have been 
applied in part to a higher rate 
of research ' expenditure, where 
the most iznmediate results 
should be- seen in components 
for optical-fibre communication 
systems. Thermal is also cast- 
ing 'about for a cougenial 
acquisition. MeanvdiUe . the 
promised final dividend (main- 
tained on the e^anded capital) 
brings the yearis distribution to 
a gross £710,0()0. It is only 
because of a freakishly low tax 
charge that this dividend is-^ 
just— covered. Up -lOp -to 97p, 
the shares yield 10} per cent 


Home Video George Dew 
to improve tops its 
forecast forecast 


DEALINGS IN the shares of 
Home Video Holdings, an un- 
quoted distributor of. video 
cassettes, have been suspended 
pendJmg a revision of the £0.2m 


TAXABLE profits announced by 
George Dew reached £3.34m for 
the group for the year to Novem- 
ber 1, 198L This is sHghtiy ahead 
of the £3.lm fSrecast-ta the prosr 


profit forecast made last June pectus last September, which was: 


at the time of a . placing of 
230, DM shores at llSp per share. 

Mr John Woolgtff, of Hill 
Woolgar, the company's brokers, 
said Home Video’s prospects had 
improved so much that it would 
be unfair to allow people to sell 
shares without an awareness of 
what was happening. 

Mr Peter .4bbey, managing 
director of Home Video, said 
the group had acquired video 
rights to many more films than 
expected as well as cinema rights 
in some cases. 

Accountants PeaL Marwick, 
Mitchell and Co have been 
requested to carry out an 
interim audit before issuing the 
revised nrofit estimate. 

Hill Woolgar makes the mar- 
ket in Home Video shares and 
the latest price prior to suspen- 
sion was 3(K)p. 

HIGHGATE OPTICAL/ 
BRACECARD 
The acquisition by Higiigate 
Optical and Industrial of Brace- 
card was completed on January 
27 1982. 

The total cash sum paid to 
the vendors at that date was 
£.377,000. Net assets of Brace- 
card at November 30 1981 were 
in excess of that sum. 


issued in connection witii the 
issue of shares to finance the 
acquisition of G. Dew and Co. 

The pre-tax figure was reached 
on turnover of £32.47m. Interest 
received came to £619,000 and 
there were associated profits of 
£250,000. Tax took £1.39m. 

The pre-tax profit -for G. Dew 
and Co. was given as £S06,000._an 
turnover of A final divi- 

dend of 3.4p has been' declared, 
which absorbs £272,000. Interest 
received was £66,000 and associa 
ted profits came to £30,000. The 
charge for taxation was £199,000. 

The directors intend applying 
to the Stock Exchange for capi- 
tal to be admitted to the Official 
List towards tiie end of March 
1982. 

The group trades as civil en- 
gineering contractors and indust- 
rial builders. 

SHARE STAKES 
" Save and Prosper Linked Ih- 
vestnent Trnst— Merchant Navy 
Officers Pension Fund hold- 1.5m 
capital shares (S1.S8 per cent). 

City and Foreign Investment 
— , Montague Burton Pensions 
Trustee has sold 100,000 ordinary 
shares reducing holding to 
130.000 shares (below - 5 per 
cent)'. - 


MINING NEWS 



St Joe 





BY ^RfiE44KiM 

the ACCIUISmON IM* year o£ 

St Joe MineraIs'4ibCGt^'. pre6t4:' 

of Ajnartga*fi Bliior- Gwiiuiatiw^ tiMluslzte jielpia. ta 

to record Iev^:fo^•4he'.-£oaI1lt'■'1ai8e^.fi^^ ; - 

quarter' of • last: fiisit' . .Mg-Slws. sai9. 

period for -whKdi^-'tiie -mziLDg;. .-dQe-.>tQ..'^^ 

company’s - resulta wore ' man^ ' ihe comp any is 

solidated. ' ‘v...7 : ;iqvof»W.ra;.i^ 

Fluor, returned net pn^jg- for;, ci^tinff^cbal’ pmjeif^'‘(2oeei)^. 
the pezMd of 86&n (£8Sm). : lan4 among 

from $31Aii.for foe last: quarter' ;.' Fluor baB-abo-heen tonimU- 
of 1880; ' Ihe'i&aesse 'cBdrBb^ ripimd'fo-buDa a^|»Iot 
work- thr ough- to •••the- ..-tiie «!^o.Tmti>^in.fe grono^ 

per phare 'lav^ 'owing- to-; foe ' rise y 3)it 'Fr-cgroCT- ipntiorty 'rt';;^3erpar 
of 50m-iq foe-'numbi^ of Flfo>r,/Cofo£^:m Fanani^.:^ 
shares m as. a result of . 

the.' aGqui6i1fonV''.'Eefirmhgs.- c^e - "likely -to' .wbriS';out'at.-in.-9^eea 
out at .84 cents-ra foare,.agataat .of Wbn.;: • . 

SSt. cettts.';. • 1, Howe?w,.fois pzojGct is.cifo 

'For.tbe'.fiiU-yw^innor m fehtIy' 'Oq: 'a care- and.' .111^1^.. 
net -Profits .' of $^9^249% " t^taoee DUis, awstingftiu'out. 

increase of. ^'''‘pef/>eeot,;' wffo. .-come.-of.tafos betvreen'jKRjaiid 

ouM-nTTiig K- Tip 'to', g2J13 '3 -gharw ' • file ' .•’ Psns’ifia ninn ..'.(Sofonlhipitt, 
llirem $2.73. ; ■ : ■ 1,-. 7azul7-i9q()rt5/acfotiixr hai..been 

Ifir Rob^. FliKw. eheSnoBm" :.refoieed accorfongly-^^ ■ 

srid: tint altboagE oosis related . .TWimg to: -foe; fUtui!e, 
to foe acqul^flon of St Jm ^vd ' erthnates: fo'at 'fob xeaFs <^^t 
•teinporarfiy..'. moderated Fluoris . fiom...the rtfo^.El.'ifo^^'nuDe.in 
earnings pattern, -foe company is 'Chile 'edlI7rimeh'v350JI0D‘'.<^..of.' 
Btzonger as'..a ''restdt. ' EV>ld; Im/oz;dIS!Bt''aDd'.8j)0p:b^ 

He srid' that fotf takeover cost .iof'rtippek-. . .' V. .7 i 

$2.2^' and las'added $2.7bn to This indndes.. a .si gntfihaii t . 
Flnbrta-ssets,. -which sow si^d aiwmnt, of .folpping' iir^ 
at $4.4bn. . wbifo 4s 0fra&;hi^ijpnde.that 

In. .teeent.'yeain,- St Joe. has U is; pot'pixieesq^.at;foe.hune' 
diveisified wideiy, and tts.majM: . rite., averages 

prpfo^ nowinduita.oQ'and gas,, ^out 256. ^iuifoes: cff.'gbid'per 
co^ lead. aold. siteec,. rinc :asd ..ton,; is -DQw;..^^p^cEed to. last 
iron .ore. FluoiT said it -wjmj foitHT 1984-at’'»'gfo9wtiQn rate 
this -wide' epread 'of -produetaF.efceronnd;%2P9;toiw A-foontb.- - 
wbteh had enabled .St Joe to . -St Joe wiU .hsrepending some 
anelntiain its earnings and out-.. 'on -expfmidSQn -fois.jrear.' 
perform foe industry last year. ;wifo- arinfod 'Sff ier 
Apart ;&om foe St Joe take: senujiriced.^ foe tTB. 

, First finance for 

AN tNtTIAL ' financing agree- 'Sereades'^'flrain' the- project 
ment of $lS0m (fSCLSm) for foe . 'ara-expeeted id prori^ foe PNG 
Mg OK Tedl goldrCopper mlhinf 'Gnsfynhifitf wnitiii.iiriijni ^iiuiiu 
project in Papua New ; Guisea.,.^.- fuirih. fo^ Its pxogranmie of 
was to be ' signed ' yesterday^., .' iwi i tibnri' d ow to pm ent projeefe. 

aceordihg to foe lead manner . -"■- •* - 

GticoiTi .Iniernadonri. 

The syndicated; -iis for 

12 years if used as a .tenh loan 
under - foe accord’s -fiexible 
options, or ei^t years -If 'ds^ 
in the form of letters .bf credit. 

Interest, ta on- a sliding 'SC^;. ’rzrr^r^'rT.-- -r-rr- -rr- ■ — -r 
and. will start at * per 
London Interbank .Offered :Kte; 

The letter -'6£ erefot' wffl 

secured in foe same faebJum as Ok Tefo.but 
foe tern loan. "- Fmaiufoieyniay?^. -fo%:Iatt^ 1^^ foe ’advantage (if 
be drawn iB’IJjS' dolha® or foo ' »:-goW;;!tap^cpntrini^ spme:34m 
equivalent in yen,' U-foarks- grading 

sterlihg,.'or any ..<4- gmyoes goW per tOThe. Mining 

these curitmcies; . opHntibns aye expected to.stait 

of further^ ^an for 

be mined as 

next.. week. . .. '-cbwrt''.pricfo:'Wfil be oonrider- 

. Partners' .in - '-Ok . Tefo' nre;i;'ab^bfjfoa .fonh'.fo^^ 

AustraUals Broken. Pre 'nte'^ld ..ore.Wis: expected fo be 
prietary SO per'-'cent,' Amoco. .exhausted' fo about ' 1989T'when 
Hin«a)s (a-niiit of^fiteadaid OU' cnppw;-ixihfoigW411besteppedkip. 
oMndiana) 30 per ci»t, a .West- ' - -In alL OkiTedi'is expected to 
German consortium, led : 1? jheye a -wortcfog.life of oomo2&30 
MetaUgeseilschaft '.with . 20' per -year&~ Dut'lr will represent a 
cent and. foe State of -^pua .New.. nuqor tednffoal chaffeoge every 
Guinea -with the. .remaining 20: btt ^'grifat e foat..'taken..oh 
per centi . ri'fibugifoivllite : - 


Bri 


.s 


.Tte . dfo .' '3qNMst, '^.whieh is 
aioeoable. .16 . ,open;P&t mining 
operations- -1C^ - ifiV-tlie 'remote 
-Star ifountaish in- .foei centre 'of 
:New (hriheaT Island, . liesaiy a 
tibioosaziff ndies to fbe.'soufo-west 
of- foe-; Bio.' Ttote^Inc ^Group's 
DougitiBvffle: Iriaod mose-.axul is 


f 


SPAIN 

■ Priet 

FebraaJylt • '+or-. 

Banco Bilbao - 340 . 

Banco. Central . 362 . 

Banco Exterior . 321 —3 . 

Banco Hi'spano.'..^.'.' '32Z* '.— 3*. 


Banco iiid- Cat. 
Banco Santander 
Banco Urquijo .. 
Banco Viaeaya 1. 
Banco Zaragoaa 
Dragados 
Enanola Zinc'.. 

Paesa 

Gal. Praeiados .. 

Htdreia 

Ibarduaro 

Penolaoa ' 

Patrolibar 

SogaHaa 

Taiafonica 

Union Eitet. 


IIS.. 

3ST -T ■ 
226 

see ' -3 

236 ' 

.180 +2 

• :e*=.+i 
as .+0.8 

. 47 ■' ' 
•67: 

SI 

. 102 . t2.5 - 

• • 84- 

■ le fi . 

. -73 -as 

- 66. -o.e. 


: ITHETIUN 
: . : mM .IND 

; cTofo;iirf^liiufaieB8 JX^/9i 
DATE l6/U/^ loo 
.r / i'el: 01-6M 1»1 V 


jZjADBROKE SHTDE^ ' 
I ' -GM 6^76 <-3T :’ •: 



This ddvmisenufaeott^lUsmlk the reqidreniaitsp/ the Qttaeilqf The SiodeExdiang^:- r 

U.S. $25,000,000 ; ;■ 


APS Finance Gonipany N|V. 

(Incorporated with limited liabiHty in the Netherlands A?ttilks)' > 

16% Guaranteed Debentures Due 1983 

Unconditionally guaranteed as to payment of ' 
principal, -premium, if any, and Intri’est by 

Arizona Public Service Goinpaii^ 

(Incorporated in Arizona) 


The foUinving haw agreed to. oAsenbe mi jnpairestAsarSeri for the Dibatueest ' \ 

Oedit-SoisseFirfit Boston ' 

Banqne Nationale de Paris Coinity Bank Limifed ■ V 

Deutsche Bank Akticngesellscliaft ■ Ipdder, 

Elemwoil, Benson limited . . ^ 

Svenska Handelsbanken Swi^Bank-Cor^jCaritmli^^ 

Union Baidu of StritzarJand (Secorities) Limited Dean 

The Debentures, issued at 99* per cent, have been admitted to foe Offidid 

Exchange, subject only to the'issue of the temporary global Debentiifo^, hitti’estis payafale.jlfirihi^ 

15th February, the firstpaymentbeingmadeon ISthFebruaiy, 1983; • . 

Fnli particulars of the Debentures are. available in the Extel Sfatii^cal 



.V^ 4, 


V. 






•>s.- 















nuanuiai xuntui xmauy ue&ruaiy 12 iys2 

lanies smi Markets 


UK COMPANY NEWS 


Mining Supplies incurs 
£0.68m loss halfway 


Martin Ford 
£143,000 cut 
in profit 


FOR THE sis months to October Th' 
31 1981 Mining Supplies plunged after 


the difficult trading coo- ' 

The taxable loss was struck devetopmeuts used for health ditiODS referred to by Uartin LINE with Dale Electric 

ter interest charges of maniioring systems embodied Ford at the interim stage con- intematieiiai's predictions of 

31.000. compared with credit withia mining machinery. tinued through the second six iraprav-iog p i us p e e ts. tiie first 

£76.000 and depreciation of Tlie Aeovox subsidiary was months and for tlie full year jjalif taxable profits to October 

IBS.MWI ir>uuivmi TTnu.-»Bi> . , . tn ^nvomh«r 2K lUAt the com* •»= <noi #>*.» 


Dale Electric rises to 
£301,000 midway 


Lowland 

Drapery 


in«« ihB -Sr**® plunged after interest charges of moDitonug systems eabi 

loM £831.000. compared with credit within mining machinery, 

i r ^2*5; compared with of £76.000 and depreciaUon of Tlie Aeovox subsidim- 

£2J7m for the same £995.000 (E4W.OOO). However. disncSed difriia S 

^ Enio. »>, «>«re was no tax Charge t£1.19m) SSSJS. ^ 

^ Sni^. the and after extraordinary credits 

points out that the this time of £681.000 the com- a 

results now mclu^ those of pany moved back into the black ® COmni©nt 


BOARD MEETINGS 

Tit* loltflwfne campanf** h*v* neiHM aCCOOIltS 


improves 

ALTBOUGB LOSSES after tax 


«ag*v son fe efill a Inns' i»a« oCT UUL a SdUSlAt-UJi J 


vas iw. IJ.J oajlf raxame pnmts lo wwuer ti«* loltflwfng campanfa <i*v* neitfM iwt auuut . immnHUtelv orecedinff 

six November 28 1981 the com* *>5 juznp^ by almost one d»tM oi board fnastinos to um stock quartern of sales, is more • J*® . the" ' nomnaratlve 

■ C nB ,1. was Umax cnarge lii.iemi months. returned pretax profits ^aif from £205.000 to £301.000. Ekrtanga. Suck maebnes •»# uotwiiy buoyant and Dale has been ^ ™ v - 

^ Sni^. the and after extraordinary credits well down at £101.087. compared ^rnover for the aix months helped by file weakening of U.S. ^nod. pre^^ <^clt a s 

• COmment previously* row from £11.2m to aSJllin, « coj^ti^im. THe doubling of ^oreduced from £168.300 to 

moved back into the black • Comment Rising overheads and a fall ^-tme the largest iDorease was ili^nma o"fiMis and thsa^i^on^ the order book is lar^y due . j , +h-* 

^”aries a H Ji* « the attributable level with a la the six months up to last May in interest received were other oirtetairding order book shown Mow «r* bmed *iwin«y m ust to the S2m orter gamed by • V Smmt^r the 


Hiifine ; VT •»* nu.1 1UUI*1U1C ICVCi »VIUI B — •*•- *•*■» ***«'—•*••> ••K »«» *“»‘ — **rf lu ,bw«*>..u n„... jjj nrn,fryTTT»iiig WIUBI WUUfl. »lumoi u«iv„ 

manes and consequently, there profit of just £4.000 <£i.l9m). Bllniug Supplies made substantial factors cantnbuUng to the set- whi^ stood at £29m compared y»w^* wneubic 

IS nrt nfamnavienn nanxadA** . _»•_ a -i_ j . 


is no direct comparison between 
the tu'o halves. 


The extraordinary items com* profits, only to see them extin- back in profits, 
prise £1.13m received on settle- guished by losses incurred in Despite the general uncer- 


witjb £14m. 

And deep^ an iocrease In 


Houcbin, with its busineM of ** indicated iMt 

airfield supplies no doubt bene- ae^^pert^^ 

fiHne from the Tran.Iraa war. has been altered 


inlw.n.^-S.cISdAiu.nc. TYurt. 

Rnata>>AIaxaiKi«n HMings. Brook* fitmg from ue -ixuD'i'aq war. 


«imaori nient of damages claim, £496,000 Laureoce Scoit (Incautiously tainrlcs still prevailing, the 5i*ted eantogs per lOp g ha re looi The order book Vas further 31 1981 to May 

hi^ s5n?P?te dosuM and rationalisation costs acquirad fo^£6m cash at the end director have dedared a^ fii^ to il3p tl.S4p'l the n« iirterim boos^ by yesterdv^s gam 


»««*« i«S**MA B. - 1 aUlA XAUUUOAIRaUUU «WUUAieU AUl AWIU AA UlC VUM 

^d £49,000 being 8 surplus ou o_fl9S0>. Things at ^ott have dividend 


ratioiialisation programme has rwbridiary. . - 

Murae?^^*iJ!>dnMSnJI^^n *?««« As in previous years there is &oli bu^ess'dovm to size has Last year an interim of O.Kp fsi^rrer is being maintained qt cw*o»S^d Ptw«jioiM‘’!.-CllIl Fabil chasing onlm *t any price but T^»e 

an^ *8ain no interim dividend — a imposed some costs below the was follovred hy a final, also of o.7p. Last year e total of 2.5p Baeo -5&2S' “Ow in a position to Si 

reduction m payment of 2p net was Uni but these were more than 0-MP- . . was paid from pretax profits of ssg* o^v F*b is pick and choose. Kbigston Com- new b^ 


net— the <u*j(iond of this Yortahire-based 


since Improved. Shrinidog the interim payment was paaed. electric generatiiig set manu- a_*, ftSwitia* Fbb 


boosted by yesterd^s gain of l*te need for a famer set « 
a £2.1m order from ITigeria. In mterta figures «“ 

the last two years Dale bas been »25;®wj® Noven^ M 1981* 
(4iasme anlMB at anv nriee hut The directors hope that st^w 


bank borrowings, 

With the vS positive steps ^ H 

now taken the directors look 
forward to an overall improve- 


ud for 19S0-SL offset by the sale of Scott's .\go- 

The mining supplies division vox subsidiar}' and a £l.lm pay- 


Full-year turnover, including £459.000 f£1.31m). 
VAT, edged ahead from £6.43m Mr Leonard H. I 


Finals.— 

Laing Prepafti es Mar 24 


continued to perform reasonably ment received in sectiement of ** 


Mr Leonard H. Dade, efaeirman, m ^2 Sim (with a £35,000 loss in this 

says: “The impiDving trend pie- Ransoma& Srms and Jaflaria* ... Mar 4 period) since it was acqtdred 18 


puteis bas cost the company improvement being mainMn^ 
£4m (With a £35,000 loss in this There is no hitexta dividend 
period) since it was acntdred 18 (same) . for this whotesale and 


tho^omnrfKBi?*?!?’1r well during the half year. Sales a consoiracv action The cut- of ladles’ separates and dieted in my last statement is Skarpa ,5 months ago. The company now retail 

ment m the second half which !, outerwear. to throueh. Tr«n«K« Davtiopmam Marts 4T,t-„ds Trinsston. The The! 


wardiousenun. 


Mininci G.innline* MfiBinal aCVWUUl «I a uu. uicuik w*, au-DiiDB IB^EB III xaia-IV. Ill timiat lfWI OI 106 POSmTC arena. Ijcaxiog UBS XaUBU OBtUW OU pw iUXUUTC* noB ****»» --- 

• h« hi, (£43.7031 and an extraordinary recent montiis. however, there oartacularly in the second half, cent and on the acquisitioiis at E2.87in agamst £3.48m last 

er s^oT^i^ rear *****1* ****® ^ £14,738. has been a Steady trend towBrib l^eh is traditionally a stronger frimt Dale feels ft should be 'time. P^tax losses were strui* | 


Mr Snipe says the overaU pei- ® business has dropped by around hS^ble”! riwdy tt2 

iormance was a UtUe better than *5^**^. V'® a quarter since last year, under J«5\* ***'® .jj!.?® ^ 

expected, bearing in mind the ® vriue and (fig influence of the NCB mora- a>,sfl,h finisfis if2Q3 1241 The wrSr^nee at 

difficulties experienced with the torium. Trading profits responded ner lOo share tyJ^^^^eeB^Sne se 


one. Mr Z>ale adds. 


manofacturlsg In Nigeria. At after higher depreciation 


Dale Ele^ taxadile profits were struck 77p the historic yield Is 4.7 per £62.000 (£44.500) 


and lower 
of £39,800 
ere reduced 
e of £9.300, 


per £120,928 and on the same basis manu^cturer, affected its torn- £44.000 (tiU) the attributable 


and exporter Of modern mining smon oE Laurence bcott, especi- cent. Gearing is said to be there was a loss per share of over and profits, thou^ IL is .seised at Si? 000 

“writets. and headed downwards, and the Safin. now back on a liwHtay week. “ *-«rr,wo 

to £29.27in, against £1409 ixl more particularly in electronic pattern of mining exports should At the six rnootbs' stage pre- The 1981 overseas acquis- l • * 


Christy Bros, advances 
to £25,000 in first half 

IN THE first half to December certainty the likely outcome of 
31. 1981. mechanical and electri- the year's trading, they add. 
csl engineer Christy Brothers Pre-ta.x profits were struck 
made taxable profits of £25.000 after lower interest charges of 
compared with losses last time £111,000 (.£142,0001, following 

of £34,000-— and second half pn> further progress od the raanage- 
fits of £203.000 in the previous meat of assets. There wa^ no 
year. Turoover for the six tax charge and the attributable 
months f^U from £2.49m to profits emerged at £21,000 
£l.S6m. (£77,000 losses) after extra- 

The interim dividend is again ordinary debits of £4,000 
being missed — the last distriba- (£23.000). 

tion by the company was the The directors say that the 
interim in 197879. Earnings per group’s Chelmsford site was 
25p share are given as l.Sp (2.7p advertised for sale— in pan and 
losses). as a whole — but the offers re- 

Although the results show reived, although confirmiiv the 
some improvement on &ose of book value, were not sufficiently 
the previous half year, the attractive to enable the company 
dlr^tors say sales and profits to move to more suitable pre- 
were below anticipated levels, mises. - They therefore decided 
The order intake shows no to vacate the front third of the 
improvement and therefore it is site and try to let the accom- 
not possible to foresee with any modation there. 

Hampson Inds. downturn 

TAXABLE PROFITS Of Hamp* unhappy with the interim 
son Industries for the half year figures," he says. 

He also says that the diffievU- 

frvzn J&2I11OOO tp £169«000« Tuni* tiix first hv th^ 

cR^r'^^n 1* against enslneering industry towards 

middle of 1980 continued 
This bolding company in the throughout 1981. 
englneenng. manufacturing and ^ 

industrial cleaning industries, is .He predicts, however, that in 
holding the net Interim divl- the absence of unforeseen cl^ 
dead of 0.25p per 3p share. A curastances, the second half of 
final Of 0.5p was paid last year *he cuirent year should show a 
out of proflis Of £544.496, Net material improvement over the 
earnings per share are staled as ^ , 

O.SSp against 0.48p. . But he says this should not 


Mr Johj Wardl,. chairmai.. 
potnts out that he made it clear ?/ 
in th, yea«nd «port_ and at " f t. 


the annual meeting that life 
contiruied to he far from easy, 

“ Duriog the six months a 
number of our companies faced 


in the second half of last year." 

He adds that present 
indteations are that the company 
may be able to look forward 


a reduction in demand more with cautious optimism to the 
.H. severe than at any time in our next financial year, although he 
history and against this back* will be in a better posiuon to 
ground I am by no means be positive in August. 


ROBERT M. DOUGLAS 
HOLDINGS PLC 

Chril Engineerii^ and Budding Contractors 

INTERIM STATEMENT 1982 

The unaudited results for the half year to 30th September, 
1981, are as follows: 

1981 1960 Yearto 

31 Mar 31 


STXIO 

52.793 


£'000 

103.789 


Turnover 53,658 52.798 103.789 

Trading profit before 

depreciation 2,423 2,621 6.028 

Deprec'iation 1t676 1,499 3.043 

Profit before taxation 747 1,122 3,049 

Taxation 242 309 (559) 

Profit aitributabla to 

members 505 813 3.344 

Eamingspershare 5.0p 8.0p 35.7p 

ft is group prsehce to Ineotporste interim pmtits of assoriatetf 
companies only to the extent of any dividends received from those 
companies. 

Although theresultsaresomewhatdisappofnting, theGroup 
entered the second half of the financial year with a 
substantially increased workload in construction and in 
specialist sub-contracting. Most contracts were taken at 
keen mai^ins, but It is encouraging to be able to report tiie 
Improvement In work obtained. 

Basically Group profits have been hi t by the reduction In total 
demand in the UK for the goods and services supplied by our 

Construction Equipment Dlvisionand in Plant Hire, although 
overseas companies in the Division enjoyed more buoyant ' 
trading conditions. The benefits of the reorganisation in the 
Specialist Contracting Division have not yet materialised, 
emd the Division operated at a loss during the six months. 
The Construction Division profits were greatly Improved 
compared with the corresponding period last year, although 
substantial loss provisions have been made on two public 
sectorcontractsofRM Douglas Construction Ltd. No doubt 
some of these provisions are recoverable in due course In , 
settlement of final accounts. There are prospects of further 
improvement in the Division's overseas order books, albeit In 
markets which remain highly competitive. 

A scrip issue of one for two ond inary shares was made on 9th 
October, 1981. The Board have declared an interim dividend 
of 0.75p (1981 1.1 p) per ordinary share payable on 8th ApriL 
1982 to members on the register at the close of business on 
16th March, 1982. Subject to unforeseen circumstances it is 
anticipated that the dividend for the full year will be in the 
order of 3.5p. 

11thFebruary,1982 JOHN DOUGLAS, 

ChauTiian 


neaaea aovrawaros, ana me 0J6p. now back on a fiVMay weex. (flD5.ooo). KTnnrFinPnxr AM1P1»Tr ATJ TRTKFP 

pattern of micing exports should At the six nioQt'iis’ stage pre- Tlie 1981 overseas acquis- ^ MUivltJJiituN AnUiXuljiAiv InUol 

lead to a bigger tradiog surplus tax profits had fallen back from tions. in Menoo and France, are ^ comment w > t .i nr cm ni7 a 

Jd tbe second half. But earnings £101,326 to £43,673 and the both fuifiUing expectations says • COnlmenX ^ Tfiie Norfhern Americu Tr^ “ 

seem likeb' to be modest The directors said uncertainties Mr Dale and be looks forward Dale’s 47 per cent jwoto ib- . granted Hstiw per «« 

shares, which touched ISOp last made it difficult to forecast tbe to rteadiliy increastng rotums crease represents the begmmng 98,^ sha^ . (rf 2op sto« l9»W,_^Ui effect 

year, slipped 3p to 104p, outcome for the year. from them. of recovery but a retirm to the ewdi, which have been tswied from February i. 19SL 


lead to a bigger tradiog surplus tax profits had fallen back from tions, in Mmoo and Fiance, are 
Jd tbe second half. But earnings £101,326 to £43,6^ and the both fuifiUing expeetatiozB says 
seem likeb' to be modest The directors said uncertainties Mr Dale and he looks forward 


NORTHERN AMERICAN TRUST 

Tfiie NorOierii American Trust against- conversion of £111.017 5 _ 


interim 




04 parcd price cuts 
¥ cxDorters from the 


A^phanifi fan 

Albania 

Algeria 

.Andorra 

Angola 

Anguilla 

jtatigua 

Argentina 

Australia 

Austria 

Azores 

Bzdiamas 

Bahrain 

Balearic Isles 

Bangladesh 

Barbados 

Belgium 

Beli^ 

Benin 

Bermuda 

Bhutan 

Bolivia 

Botswana 

Brazil 

British'Vlrgia 
Islands 
Brunei 
Bul^ria — 


£23:4e‘£22.65 
SJMiSrS 9J80 
SU?65-£11,20 
8S5 

£LS50-£1Z85 

£2Z4$£2O80 

^21^519.65 

^2&4a-£27B0 

5JjOt05-£ 9.15 
£1&86-£I5S0 
SX^S,16.55 
855 

£2W5-£20.70 
£17.15 
£,.a35-£ &90 
^isee£i4io 
£19*20 £1&75 
^J3.60£13.15 
S2490S4.OO 
^2d4S-£23.10 
i2dca0£23.9O 
£2&40'£2415 

5Zjk30£19,5O 




It's not often you lead abemt price cuts these .And 

here are 204 

MWve done what can otily be described as apackage deal 
with the aidines and are passing substantial savings on to you. 

The reductions apply to all air pared wd^ts over half a 
Mo, not just the five sLze used in these examples. 

For fid details of the thousands of reductions, dorftleave 
the coupon on thispag^getitup andaw;^ 


Paraguay 

Peru 

I^iSqpnes 

Pittafm Island 

PoJand 

Fortngal 

Puatoldco 

Qatar 

■Kaim'nn - 

Bomania 

Bsvanda ' 

Sab^ 

SLiaas 

SLluda 


$^£27,00 

£2^£2400 

^2.55£17.15 

^ZP0£243O 

^.^^930 

9.05 

£1545-£15XK) 

£12^e^l&65 


SJ3^£16,70 

S^5S3-^S22W 

S 32 JG&£Zi 20 

^3mS203O 


StPiene &A£^eIoa£I5^£1465 
StVIncent - £21^£1940 
Samoa ^3&S3^ 

SaoXonK&Priac^ gLS^£1820 


Gabon ^]5>^£15.05 

Gambia ^J&93’£1535 

Gaza&KhanYunis $15r?0£lZSO. 
German DemRep, ^J039£ 9,00 
GermanFedRep. ^^A00£77^ 
Ghana ^ 


libyanSocFec^e^ 


Sarawak 
SaudiAiabaa 
Sen ^, ' 


4ji/yau.3uurcupic& <l«7rhpTTiMj 

Arabjamafairiya gXi30£lO,85 

Iuxe3ld)OUIg £^Z95'£ 7.50L^ 

Macao 


at** 


J2AS^S2QJTO 

£l2i40£l6,K) 

£16:6?£1620 

J2a3&£2^ 

\S33-£l±lB 

W£19.50 


tvifoeit , 


Cocoi 

Coloil , 

Cpmol ' 

Con^ 

Cor^ 

CostaB 

Cuba 

Cyprus 

Czedioslorakia 

Denmaric 

Djibouti 

Dominica 

Dominican Rep. 

BastXimor 

Ecuador 

Egypt 

El Salvador 

Equitorial Guinea 

Ethiopia 

EaUdandlsIands 

Earoelslaiids 

W 

Finland 

France 

French Gui^ 
FtendiPdlynesia 


ofiers-s 




g.33e’£ 933 
^,A60£ 8,25 
^1&30£1785 
£3580£22,2O 
gl3r00£1255 
g2Z,50£27,O3 

^jAe&£15.10 
^1»:90’£15,15 
£2A3e-£l333 
^JA^^-SIS-OO 
^4.55'£22B0 
^..ase-s S90 
^36.90£342O 
9.70 
9.50 

5J&90E1&45 

giS.©0£4O.73 


Korea (Rep. o5 
Kuwait 
Lao People's 
Dezn.R^. 
Lebanon 
Lesotho 

T.ihpria 


*^;i4e£19.75 

S32.30E31B5 

£3a05£29.6O 

Si&P5-£ll-45 

SZOi&£19.63 

§iJl35’£14M 

SZSSS’SZSAO 

§2A2&£1530 


IslandXea: 

Kicaragua 

Kigeria 

N^erRepubBc 

Noc&ilkislaod 

Norway 

Oman, 

ilPakistati 

Panama 


£L$>?0£li^ 

£15^£14.15 

£JdS^£14AO 

S2&i&S3Si4S 

£XO 60 £ aso 

^Qai5r£i73& 

£L&e0£17.55 

£2O90£2OX)5 


PapuaNewGiimea £2&8d’£2520 


i roPeterK^e.P043 FREEPOSTPostal Headij lartt roBiindir^ T Jnwnrtff ^^ 


Orphone TeIedataOI-200 0200. 

Please send niR your latest OverseasPriceGuid& 

Name 

Coiupcuiy 

Address 


E/43/2141/2 


- islands ; ;^ 
'Oxvahi ■ 

TT ganda C. ' 
TMedAi^ 
'Ermaates'' 
VSSRjc^n^ 
USSRinA^ . 
■dJpCTVfcfia 

Drqgozy 

Itoriatn ■ 
Vati^Cky Stale, 
Vepezu^, 
Vietoto' . 
/S^isiriTsTimds ‘ ' 


£1Z40£11^ 

£J&^£15L^ 

§3SS^SSSSO 

£2^£2U5 

S15i^l520 

§39fi&SlSj6S 

SSSisSrSlTJSS 


Postcode 


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FT UNIT TRUST INFORMATION SERVICE 


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Everyone is talking about 
a Retail Banking Revolution 


iimmt 


^dRbe talking about the cost 

The rising cost of processing billions of cheques 2 daj' is diciaUng 
fundamental changes in customer service. Is tedinology the real 

'. answer? 

Interbank coUaboratioa in introdumng automated cash, handling and 
riia puTiiriTig technology is essentiaL Are. the banlcs moving as far and 
as £ist as retail h jinlring competitlo& dittos ? ■ 

With increasing co^etition. from .in-store hanking, pla^ 
flti^ non-bank erammai institutions, ' vriiat is the future for oranen 
. . banking? 

Will hi^ interest rates and eqmpetitrve 

interest-Searlng cuirent accounts undermme the profitability of retail 

hankiTig ? 

Th* Mimh issn. of ine Banker will « fflso^Bg 
detairaHwg with an appraisal of hoy to 
banking iave developed in Europe, the UA, 

Rntthc finandal institutions and systems 

fSo^dtra-tA thh woridwide-managenibnt readers of.The Banker should 

• ••-“• — ' ““ ' contact: . . . . ■ •••■•_• 

Tile HEazketing Director, T®E 

ArtiraT Sttect-Lo^ttn EC 4 . Tei^ 131 L Telem WM 2 W 




Conpaoie$ 
and Martels 


y iTiarrfMai Times Fridav- Felffliary - 12 ig «2 

CURRENCIES; MONEY and GOLD: 




$ & £ steady 


THE POUND?SPOt ANO feRWARO 


Dollar was little changed m 
quiet foreign exchange trading, 
with the high level of Federal 
funds regarded as .a book squar* 
ing operation ahead of the long 
hoiidfty weekend in the U.S. The 
recent statement by Mr Paul 
Volcker, chairman of the 
Federal Reserve Board, was seen 
as an indication that the U.S. 
authorittes do not intend to 
push up interest rates, although 
any optimism was probably 
tempered by Mr Volcker’s com- 
ment yest^ay that tbe U.S. 
Budget deficit poses a major 
bazaH to flnannt% i markets. 

Sterling was also fairly steady, 
trading within a narrow range 
througbont . 

French franc remained firm 
at the top of the European ' 
Mootazy System, despite the 
steady reduetiOD in Paris 
interest rates this week. 

DOLLAB — Trade-weighted 
index (Bank of England) 112.0 
against 112 J. on Wednesday, and 
114.2 six months agA Three- 
month Treasniy bills 14.08 per 
cent { 14 M emit six snmtiis 
ago). Annnal inflation, rate 8 . 9 , 
per cent ( 9.6 per cent previoos 
month). — ^Ibe dollar was nn- 
ffhang ^ at DM 2.3660 against 
the D-mark, but eased to 
TFt 6.0050 from FFr 6.0075 
against the French franc: to 
Y 23 S .75 ftom Y 236.25 in terms of 
the Japanese yen: and to 

Sw Fr 1 .8975 from SwFr L 902 S 

STIERLING — Trade-HVighted 
index was nnehaoged ail day at 
91 ^ compared with 90.2 six 
months agA Three-month inter- 
bank 14 | per cent ( 14^9 per 
cent six months ago). Annual 
infla Hon 12 per Cent (imehaaged 
from, previons month)-— Tlie 
pound rose to DM . 4 B 8 from 
DM 4 . 3750 , and to FFr 11 . 11 ^ 
ifrom FFr 11 A 9 S 0 . but fell to 
SwFr 3.51 iftnoi Swf^ 3 . 5175 , and 
to Y 436 from Y 4 S 6 . 50 . It opened 
at $ 1-8535 against the dollar, and- 
touted a peak of $ 1 B 55 (K 1 . 8 S 60 , 
before falling to $ 1 .& 470 - 1 B 480 
in Uie afteniDOA Sterling dosed 
at SL 8490 - 1 B 500 . a rise of 20 


poiats on the day. 

D-KARK — BMS memte 
(second weakest). .TTade- 
weighted index was unchanged 
at 121.2 compared with 114.2 six 
months agA Three^nonSi inters 
bank 10.225 (12.95 ^ months 
ago). Annual infiation 5.3 per 
cent (unchanged from wevious 
mo^)-— Ihe S-maik showed a 
similar trend to the lin hC ihe 
Frankfurt fixing, rising :^^n.it 
two mmnbets pf the EMS. mlEng 
against, three, and reqordlhig no 
change at DM 1B730 perJOO lira 
against the Italian emrenqy. Tbe 
Dtnark was also uDcbanged at 
the Milan fixing. Tfe'ere was no 
Indication of tnierveiitioa by the 
Bundesbank on the opm- maitet 
and the (Sensan' eezitixJ bank 
was not active whmt the dollar 
feU to DM 23620 frinh DU 2.3665 
at the fixing. Sterling eased to 
DM Drom DM 4B780, 

DUTCH ■ GIUILDEB — EHS 
member (second' strongest). 
Trade-wdataied -index was 
nndianged at U 3;7 compared 
with 10&4 she mraitftg agA Tbree- 
month interbank Vhfir per cent' 
( 13 i per cent isix 'monte ago). 
Annual Inflation 6.9 per cent ( 7.2 
per cent prevtoos month)— Tbe 
guilder weakened against two 
members of ihe .EMS at 'tiie 
Amsterdam fixing; but hhppoved 
against four. Tbe Dmtfk eased 
.to FT 1.0971 from IT lJ0Sff4, and 
the Fmch franc to- FI 48 . 21 ^ per 
100 miUders ftom F I 4 S. 2 8 . 

ITALIAN XatA— EBES mnn= 
ber (central posItifA). . Trade' 
weighted Index . was nnchanged 
at SS. 1 * eomp a ied witii 57 . 0 . six 
months agA Three-month inter- 
bank 21/4 per cent ( 32 } PV ceid 
yiT months aao)- Annual inflation 
17.3 per cent ( 17.9 per cent pre- 
vions monfh)- 7 -The Inu rose 
M gamrt two members of the EHS 
at the Milan fiinhg, but lost 
grouzsi a ptins* three, and ' was 
unchanged a gaiTwa the D-mark 
at ES 34 . 63 . Tbe doilar fell to 
L 1.26130 irom U, 264 . 55 , 
sterling to 12338.10 from 
1 ^, 340 . 60 . and fhe Swiss fiune 
to L 665 J 0 ftom L 666 . 61 . 


U.s.“ lACMM. lJn 9 A 1 A 50 o!^~^^ 

CaiMdS ft23fl)^:24S0 Z23B5^223K AlIWUOc^ . 
Methiod. 4.78^A13a ' 

BalOiiim 7ft4A7ft80 . TCSATfttt r : 

Dwima* T4A1-14J5 14^14^ ;. 

Ireland 1.2390-1.2480 1.2(3&'t.2<SD 037-OMpdls 
ftSSWJft ■ 437>r438^' IVIWpm- • 


. Ibrse. It 
mppOw . . ; b* . 

- 1 . 3 JtQf 78 A 88 fc -1,75 
~->K 9 B,Q. 8 »; 8 Ddii -120 
-3.7S • 4^ 

-* 4.18 8 M 4 .iU - — 3 A 7 
.-igy 

■^ 4 n»Tiai^ 136 i 5 t -ftl 8 
' 3.77' 4V4I| pm ftm 
-OAO-I^O-aaSdiB -^ 8 A 4 
■— OAtffiKlfis.. “Tf.la 
-•«: 42 : 43 : 48 iibi ' ^ 7.82 

QjBi 

,''HL 67 ' 2 V 3 ^ 4 iS.>. Siao 


Peitiinl '127JS128.25 127AS-12T,7S; 

Soiin. 184A3--raE^ 184.60-18430^ -panSe-tfls -OlAl ffgKftts. • 
Italy 2333-2,340 2,334-2,338, 11-14 lira dis -,: --•ft42:«:48iih; ' 

Naiway 11.0Z-1t08' , 11.02?iHltfl3>s.:-Z‘ir1V#ra.|W»'r ■-.2-04-2*i-'H, pm' 
Franca iiAMtAi ' ■H.l0i11*11---'.^'Picdis '• . '^-0A7'aV3^i4is.> 

Swadtii 10J^1(166-' :%orapi»^dl8-. Q28.3S-ZVpm-. 

Japan 434440 • ' 435M36>2 v'h8&£5SypiD.- . 7A3 8A5^ft38^ 

Auatria 9ft69^75 > aftVTaftir v^ ' .£37 43^ pm: - 

Switt. • 3A9VMA, 5» 

Btfglen rate.ls'-.foc-convBrdto'fntiiM; - Ffaunidsl franc 32 . 7 642 2SL 
-SbctnlooTb. feiw^ ' dollar 1,4Z4fi 2c :dis; i2-ijKwtk 2AP3A&. dhL. 


' Q28.3irZVpiii-. 1.22 
: 7 A 3 8 A 5 U^. 730 
'.£37 43^pra:- S28- 
59 B.nc 4 VpRiv - 8.10 


•me DOLiAR spoir 


OiMflienlQr ' 


. .S^j.Tbrto' ■”: * ■ 
. .pj , 

UK1 : 1A43A1fl8sd~ h.841A1 2500 7 OigMAo-db;- -:-1.7S AJftKttdb' :-1.TS 

Iralondf ^48«4A930. 1 ;q^ 1 'A 8 m d3&a2Bopm: .. .242 A85Upm: £42 
Canada ' ,t.2a8Al.2125' 1.h]B>-1.2aB6< 0J»A09fr«n6 :A8CA17Jk12|)in'.0A0 

Nothtiid. . 2ABg5ftS9m' 2JWPOA5B30 : .l.S^>12epm BA1'3A6;£75pia bJS 

Bet^rinn «2W03* A03M034-- -..Mp.diSf .- ' .•rl;1»,lWdte 

Donmaifc; J-'WM.TSW 7J40O.7.7S0O:.A1OA2Sora die ^027 ag5^A6dIi>0.2T 
W. Ger. ■ 239802:3710 236B£2:S685 1.08-t-03pf ppi , ■ 535-1 4 8 ^>;4 3 p m 544 
Penugaf '68x548.15 v .68.a5«1S l lA^dh . . rT-SS.SA.IfSifla -ft8| 
Spaio. aaJO-’ToOJp. :'98.«h»J6 -Sc.ian-fidls': - . — ^^s.-'-rOiD 

Italy. 1A61-i:264ft 1.204-1.263^ . .4**^ rm dir :r4.83 'IlgrlSdi*. r^Tt 

Norway. 5.94808.9770: 5.86SM.97SO 1.86-1.75era pm. AC 


Franra'. 8.988A5«15q' ROtaOShOTS . A8tWI.«0c'pni • .. 8* 

itet^ 53470 £ 7600 .. 5 . 7500 «,mqq.-q, 800 s 85 mp^ I'H ^ 

Japan-.: 235.2-236.00: 2»7b-»^ 

Auitiia' 16 . 55 - 16 A 3 : 18 . 60 -I 6 il laJDJSFiOsroiBn 7 - 0 B' 29 JO 2 e.Mpm 880 

Switz. : ' 1 . 890 A-t, 8 dS -insTAfAMO 1 - 2 ^ 1 -. 12 b pm 3 .m-ft 50 .p«» : 7 S». 

' ‘t UK'lind.Iraland 'sm- 4 )uo»'d In UA.- eirrrenejL/:Feivnnt.:jMeR(Knm 
' discetlnu.' apply to'dn U.'S. dollar snd.not.v>':th» indiyfdual-curainey^ 

CUlblENCYilSQVEte^S^^ 


Banker -Horsan. " 

■ Peb.10 England Guennty 
.Index Dbangeah. 

■n^tfig' ,-l 91A.. UnvafUe,' 

UA d^lar....-.-'..- ■ li 5-9 • . 

-Canadian donor...: 88.ft ^ 

Austrian aehitll.np. 118:7 - - „ 

BBlgtan.franA>..,'~ ... 108;9. ..i,.- 

Danisix ktwior....... 86.5 

DautuOa mark.... 181.3 w ' ' ' . 

8 wteatFane..'...U... 161.5 | - .m. . ‘.QuHdnb..... 

Guilder ..^.........l... *' ‘Fiwoh'Fr' 

Frerieh (imne......:;. 79.6 .; > 'ijm 

Ura “•£ | •* : "YeB 

isan I »-..•• NoiwQB'-'Kr 
- SpanMk'Pts 

floMd orafrada raa^pMMl aBBnparWoaa- - swadiap'KK 
iHItaMBBlBaagiaawwniDraaMflaft'im-'-Bwiad'Fr....:. 

of Bwimri tadaa (hte aaeOBS - Creole Itfeh^ flu 
'IBK-IOO). . .i. • 





6J8157S 

130&86 

444.801 

6,17879 

JJQSJB78 

£80874 

1A6416 

63.1507 


OTHER CURRENCJES 


EMS EUROPEAN CURRENCY UNIT BATES 


Cumney .% ehinBe 
aniounts fram 
:CU eantial 



Dauteohemarfc 
Japanese Yen 1.000 


Pranett Franc 10 
Swlsa Prmne 


Dutoh Guiidar 
Italian Lira 1,000 


Canadian Dollar 
Belgian Franc 100 


FT LONDON INTERBANK FIXING (1 1.00 a.m, FEBRUARY 


8 rnontliB U£ dollars 


6 menthe UA dellara. 


bldlBftlS offer 157/16 I - bid 156/IB etTar 187/IB 


ra^ an^flW.Artomwflb 'fnainft, mmdsd! te.flra-jtsaraat ena aWawith, 
o4 'lira bw and offM (Mia^mOBif.qini)id ^-fta BBttaittDflya'raianbcs bnks 
at 11 am aacb weirMiip day.; Tiis bsnkn am Mflerial Wasonbite'BaRk. Bank «r 
telqro, Pautache Bank,' Benipia Nsdcnaiii da Tads. '^d Umgan. GWirty. Truat. 


EURO-CURRENCY INTEREST RATES (Market closing 




14l|.14>i 
14 it- 14 * 
14 H' 14 ^ I 
14 H' 14 |^ - 
14S(-14Tb I 


15S«-15 

19 V 161 S 

15 li 15 ,^ 
leipieaa 
I 6 i 8 -i 6 «a 
1A15U 



1918 14>b 

15ie-14ie- 

15ft-15V 

1598.15 

15 T 8 . 16 I* 

15 l 8 - 16 lf 


GOLD 



SDR Jinked deoosita: one month I 3 *it> 13 ^ oar cant; dirae .months 1 Pr 13 ^ parxsm; itx montha par caiitj, put .year ww- carit. 

ECU linkad deeeaka: one montti 13 V> 13 H per canu ditra monttw 13 *>u- 14 *i» per .cant; ‘aurYnentha 13 V 14 \ per cant: oita 'Year per-'cara." . • 

Asian S (cioamg rvtea m 5 mpapore|: ^a mentli par cent; direa mentha IBVt^ par cam; alx mendie' 16 b»- 1 ^' l>«ir-esnt;''eDa''.yeBr 16 V-i 6 i.par cant. 

Lang-nrm EurododBr two ysera 1 A 1 ^ per cent; three yeen tSVlSft per canr. four yaaia per cant: five yaafa IflW-'t^ 'par cent pmnioal'eleainB'fpita- 

The foMowing retaa ware quoted for London dollar csnificataa of depotrc.ona-fnenih 1 S. 7 A 16 A 0 per cant: thrae monAa 15 ,M- 16 . 00 .oe£ edne^ «ix- 4 nenw''lS. 9 A 
18.00 per ceoL one year I 5 . 90 -IB .00 per cent. , , . ...%■ 

■ . -"r" ' 

MONEY MARKETS GOLD r was- fixed 'i^.E&:2Sip()0, kilo 

(SSTSBS per mihee) iu'the.after- 
•m -noon, conjpsnhd.i'Stttii'.IT^r.ra 

UK rates steady , Slight' .. ■ 

-Frail V-. . Jjt- FraiAito 

-. 1 41 .H -/was fixed >t DM ' 29 JB 65 ier kiio- 

Ixmdon clearing bank base bills also at 13 | per cqnt Tn ^ v. i.:' 

ientUoe rales 14 per cent band 4 ( 64^1 days) it bought ’ Gold fell SI to $ 38^1 an tbe DM' 29 : 235 .;( 2 S 83 . 99 >- 7 pr 9 mriy. 

(since Janiiarr 25 ) £U 0 m of eligible bank bills at 'Modpn bullion Bttarket yostar: and^'dosed at S 3 S 1 - 3 S 3 , compared. 

Toterest rates showed little 13 ? per cent, Tbe early forecast' It ^ned.at S 384 jj 4 l^i,.ge -wl^ g 38 li- 3 S 2 J: .:•••. • ■ 

overall chance in the London was later amended to a shortage highest level of tte day, and f^ - In- - Luxembourg- -the 12 i-kilo 

money market yesterday. Longer of fSOOm before taking into -'o a low of TJ«;:metal bar ww fixed ar flft eqirolent 

term rates eased a 16 lh of a account the morning's help and was fixed^So^fiO m me moro-. ;of S 3 S 425 pec punce/J; .' ' 
Doiot -where changed while the Bank gave further ^hf am 3389.00 m u» afternpoA . . ia . Zurteb .gold, fimsfled. at 
short-term rates hardeoed, re- assistance in . the afternoon of Di Paris the 121 -lalo gold. tec -$ 38 (^ 383 , against.$ 3 Sl.- 384 .: - l 


UK rates steady 


London clearing bank base 
iendiog rales 14 per cent 
(since January 25 ) 
Interest rates showed little 
overall change in the London 
money market yesterday. Longer 
term rales eased a 16 th of a 
point -where changed while 
short-term rates hardeoed, re- 
(lecting the rather light condi- 
tions late in the day. Overnight 
interbank rate opened at 141-141 
per cent and eased w 131 - 13 } 
per cent before closing at 20 
per cent. One week money was 
quoted at 14 ?- 14 | per cent 
against 14 }- 14 } per cent while 
the three-month rale was 
slightly easier at 14 J- 14 } per 
cent compared with 14 I- 14 ? per 
cent 

The Bank of Englaod gave a 
forecast of a shortage of 
around £ 250 m. with bills 
mahiring in official hands and a 
net take up of Treasury bills 
accounting for £ 495 m, offset by 
Exchequer traisactioDS of £ 145 m 
and bankers balances above 
target of E 40 m. The Bank gave 
assistance in the morning of 
£ 256 m, comprising purchases of 
£ 5 m of eligible bank bills in 
ba/id 1 (up to 14 days) at 13 } 
per cent and £ 113 m in band 2 ( 15 - 
33 days) at 13 ?f per cent In 
band 3 134-63 days), it bought 
£ 2 m of Treasury bills at 13 } per 
cent and £ 26 m of eligible bank 

MONEY RATES 

NEW YORK 

Prime rete - 161, 

Fetf. Ivn^B - , 15 »r- 18 >i 

Treaaury bills (IS-vraek) IftOB 

Truiury bills ( 2 S-week)....M 13.85 

GERMANY 

SpBciel lombard .............. 1 A 0 O 

Ovarmgkt rata 10,05 

One mond> 9 A 5 .. 

Titne months - 10 J 5 

St* months 10 JB . 

FRANCE 

Irmreentien rote 14 . 50 ' 

Ovomigftc rat* ....-M... 14 J 0 

One month . 14.4379 - 

ItirM rrwhchs .................... 14 i 56 S ' 

Sr rnonthB .... 14,625 

JAPAN 

biscouM rale 5 AO 

Call (uneondiTlonan •:* 8» SB3^ 

Bill ditcourit (throe-month)... 6 .S 6375 


bills also at 13 } per cent In 
band 4 ( 64-81 days) it bought 
£U 0 m of eligible bank bills at 
13 ? per cent. Tbe early forecast ' 
was later amended to a shortage 
of £ 300 m before taking into 
account the morning's help and 
the Bank gave . further 
assistance in the afternoon of 
£ 57 m, making a ^nd total of 
£ 313 ra. 

Tbe afternoon belp comprised 
purchases in band 1 of £ 2 m of 
Treasury bills and £l(hn .' of - 
eligible bank bills, all at 13 | per 
cent. In band 2 it bought £ 39 m 
of eligible bank bills at 13 M per 
cent and in band 3 f 6 m of 
eligible bank bills at 13 } per 
cent. 

lo Paris the B»ik of France 
cut its money, marlcet interven: 
tion rate when it bought fiixt 
category ptuKr from the market 
at 14 ? per cent. The rate was 
previously * set at 14 } per cent. 
At the same time cal! money fell: 
to 14 ? per cent from 14 } per 
cent, (be third redaction this- 
week. Interest rates are now at 
their lowest level since before 
the french Fresideotial elections . 
held last May. 

In Frankfart call money was. 
quoted at 10.05 . per . cent : 
unchanged from Wednesday 'as 
liquidity levels remained- 


Slight 

fall 


Gold fell SI to 3380^1 ah ib'e 
-London bullion market yester- 
d^~. It ofpened.at $ 384 } 4 I 851 , -tiie 
highest level of the day. and firil 
.to a. low of >$ 37 & 379 ..The;:n 3 etal 
was fixed at .S 3 fllfiO in Ihe' mora- 
ing and S 386.00 tn the aft^pohJ 
In Paris the 121 -kilo gold , tet 




-'Gold Bullien (fUi'a ourieal 
.Cioa*..........«:...!SS80.3Bt ' laaoB'ieosis}. '-isSB 

Opanins. 'S304ls-S8Sit (£80718 806/ :S3S 

Menring rixir»._:s380 ■ ^ 'ie20S,782: - . S'58 

Aftemeeii (bd^;5380 (E805A05| ' 438 


Krugerrand... ' 

J/2 Krugerrand...’ 
' ,<4 Krugariand'.Lr 
"bis Krugerrand, 
MaplaleafH......,.’' 

New .Sovereigns.; 
King Sovarelgns.^' 
VietbriSkSave.,..,.' 
Prueh.ae,^....' 

88peeos;Mexfeel 
109 Cor. AustriA, 
"880 Essie* 


iSBAaet . I£ 805405 lu. --i 53 B 148 S -ffiSOSIMMSS*) 
i 304 ls S 8 Sit (£80718 806 / :S 38 ]£g 488 r 8 - ^ 05 U 40 BSt} 
1380 (£ 205 , 782 :-. S 588 . 50 . . .tf 806 , 755 ) 

i 8 « - '(^Aosj..-.^ 438 a.i 8 . ; 

. idbWCeJn* ;o . -j;::..- 

8392493 . . 

8205 -B 06 '. : .l£U 0 ^aUl 4 >V.!'» 03 -|O 4 ;' UZQ 9 %-»fDW 

8104 ;i 05 ‘ (£ 56 US 6 a*j — - — 

■ 848 - 45 ' i£aiPWBi 4 ) 

6593-394 (£ 2184 - 918 ^ J 38 Sis 490 ja-'-.U 914 :^ 

S 931 S- 94 . ^ ffiW^-S(ftj - - — 

S 109 -UO -- ' (£ 88 A 49 i<I 

S 109-110 l£ 58 X»- 6 ftl 4 > 

S 91-101 (£ 4 B<«- 541 *) 

S 475475 't£ 86 eic- 8 Btg 61 - ;-'« 4 ? 4 ie: 4 'rt^> ■ . ^ 

SS 71 .- 37 S%. - (£ 800 it 40 ia«) .i. 4378 -S 74 j;i ^ ttSOlft-aC^I. 






. I 1394 ( 8 - 39518 ' 

: .•' » 03404 ;' - 
■ i 3 loa:i 04 -... : 
•" S 48 ii- 43 ^'' 'r - 
J 386 is 490 ^-' 

,S 8 Bii 44 . 
I 1 D 9-110 
'iauM-iip . 
. 8014 - 1011 *: 

'■ ;‘'* 4 ? 41 e: 4 Tb^> • 
.^. 4378 -S 74 j;i ^ 
; . 85 aOL 516 - :-\- 


(£8l3tt-814) 
tXZQ 9 :^-}.IDW ’ 
i£ 6 S^:»l 4 l 
i£ 8 »< 4 ^U> 
;U 914 ; 33 Ai 8 l 
VBOO.ie-qo^ 
(159494) 
laaiMM) 
i 5 S) 


adequate; . Special 'lkimb^^bor=' 
rowings feIl\to DM dL^'bli' 
-Wednesday 'from' ‘DM 4.7bttfoa 
Tu^day wiOi many- banli^ cophil;- 
Wen : tbwaj^" ' Febriiary*s; .ndiu>' 
mum “ . reserve-. . reqaiieinaiti. 


-^oireverV tax-bayifle^ 
to dnun-flmdshsxtye^'^ 

. BundeAeak'-:! -ha^i- so not 

-Mohda^. of-- A ^M-'-lifibnyfOpof*. 


LONDON MONEY RATES 





OvenilghL..-_w. 

1 1345 

2 days notice.. 
7 days 

7 di^ nottoe... 

10.00 

OframonUi — 

1D.D6 

TWO nKHitht.-. 

949.. 

'Thrse mentli a. 

10JS 

six menthe..-. 


14l«.14S| 

14 * 14 * 

WA- 14 A 


IcrasI «^erraea. end fmoneo houaoa -am» dove* -ibniiGc^-GiliMV M!i[>eDjdV9'4}iifld.\Uni8^l»mi 
rate* .neimo^ thrae yeei». per. cent; four yetis IS per oennJlve.'yeai'a 16^ p*f eaoft. . Msafr AW ratap; 
Diiwna rttn.1er.pim paper, ‘Buying ratas Idr fourenondi^benft MHp:ifepaB tetr1eiK'’mrtv|hi:fl 8il i lJlW ‘1 
Apprawnata aeAtiig rate for ena ^OKmdi i.TfMauy b8h- r)3Vl3P» 4er .oefliB ;twe: radn&r-J^^ 
•nendis 18ft pbf^ccitl Afram^ea' salheg ireW 4er,OPMhonfli. toBnft'-MHeil^^.per adhti'twb 
thr«8 ' months 13ft per eenn one raonth VBde--bH)!B';ti4ft'-pertep-twa months mrcehn'-'dtraa'tndiitiiB'IA 
Rnanea .Heusee Base Rates (puhttehed .-by .the (Hniiiee Hbub'bs - A a soritfien)- i%. per ceet-fraaf- 
Cfearfng Bank Dapeaft pitas (g» ewns .at-.aey»n-dfyai neijea- Hb ’Z. ^ ‘ ' 

cant Treasury Bills: Avarege tandw Tatt*-i^'di*peiuj*('<'»*“ »-*5*^*'*^ 


, .- r 

r- ■: >r ' 


• ■ ■ I 5 ,' Tc 

1 • < I 


!-• r 

•• V V 
;• n »- ft 

* > '-i. '■ 

' : i ''h v. 
r. A-. 't 

'J- 

b' - 





















































• ymnfqgi ': 


Mclay Febmiy 12 1982 




INTERNATIONAL COMPANIES and FINANCE 







a.f- 

ri?'S 



raise 



m 


operation 


BY ntm HOHTMKH, 


■-’ " ls2? 15.5 V ceat orer UA prime. Tbe loatt 

I. «0K« iMewed at the dJacretion 

.lenders after, four years, in 
^ch case Pemex i^ pay a i 
per cent renewal fee. 

.. lUs eonirasts wilii the Ban> 
rural deal in ytbich a i^erei^ 
^1 of 1 per cent was estaMished 
the prime and 'L^r 




y j, 


. -•■•■=' m 
/■■■'■'■ m 

■ ■• -r .. ^jiS 
•. -::. 



Blnro^ ahnohnced in'January.' 

'• .^,-13ie .znapgtoff m>V|be Pemex 
: .mredit’ are -nmdi .sutler than 

.'Miiflie Baaxu^ wfuiph v„..T.n.mr 

' Offered] laadecsa cdioi c e of four sow bein$ ^^ed by BratS, bas 
^ entati^ ; ^Buf.once again mov^ leea eueoessSuL than ex- 
•7~3Pey- yqg rjjn e that MericOv pected, : eqieoaBy now that 
— a.^bp. gi^ foreign, prlme.end Euroddlar rates have 

5t? - awcnwi^^ flus tended to convert. 

navuig. to'.pay 'coinsider' — 

^Y- rnore. for its money - 

: ''.JBenks are-offer^ aepargizi of 
rt :- -3 per ceiff over London inteN 
tPe Trtj* offered rate (Libory for 
..tli^;Paniex deal or^e of j per- 


oil revenues. 

Sis xnajoT' banks have idready 
agreed to undepwiite $10Qm .for 
the pemex credit Ittey are 
Asaib RiuiiMTig , Banasies, 
coip. Credit I^nnais, Industrial 
Baob of Japmi and Maiatfac* 
turers Hanover; . They are 
a total of 20 lead 


4 Witt differential, wbiciL is also apiece. 


t* 

*3 r. 


About gibni, of the Femes 
credit represents consolidation 
of the compuiy's large sbmt- 
tenn bomnrings wbteh were in- 
creased heavily last year 
because of .lower than 


Pemez liopes to dlraiwr tbe 
funds by early Aprd. in an im- 
usuai move, it wfll be revealing 
details of its 1981 p^ozmaDce 
in presentations to banks around 
the worid next wedc. Nmrinally 
no detaUs are availalrfe on 
previous year’s p^ormanoe 
Oatil Maxell 18, tbe annxversaiy 
of Mexico's nationalisation of 
its oil interests. 


•j.-. . 


seeks $400m credit 


;• T.,': 

.! i?S' 
■: :$;■ 


• * ^ ^ "f 

r-'-) 

....' ■ •' «; 


. r>ir.1MMD TpN6& . 

. uew sodalist 

' -gdrarnmen^ made its first 
-'-ap^^ch to. the Euromaztet 
‘-T- - •proWns » BfOOm.dght to lOyeax 
' credit. The loan. 

' . vdH pnMde the first 

-—■measure: of international finan- 
' confidence - in Dr Andreas 
it>i.sV^apandreou’s government 
: forms pan the glbn -which 
5^:. ^e public .sector nttds fo bor- 
TPL-v^rovr abroad this year, according 
-Me: Gerasimos 'Arsenis, 
of the' Bank of 

ret vGrttce. 

‘l-'fo-an Interview yesterday he 
tr: >said..Greec8*s current acconnt 
'deficit should be around. $2.5bn 
i^LUn .1982; This is about die 
trame aslastyear when the pub- 
lic sector raised gl5bn from 
banks, and bodies sndi as the 
European Investment Bank. 

This . year Ihe Government is 
Expecting increased rettipts 

*^'* ^0^ the Common Market, 

s^.'.arpund .fipOm units of' account, 

' •^'Y-as'-weD as help from, increased 
i>Toduction frbxn its ^all.new 
£i' oilfields.': Tbe new loan is .being • 
cf::^.-annnged by the. Bank of 
.‘i \Greece. year -the bank 

iT.*' • ■ -■ 


arranged a gimiiar loan for a 
split spread of i per cent for- 
the fii^ five years and f per 
cent for the second five years. 

.'Some 'Enrt^iean .banks con- 
sider tbe change of government 
as. a reason for increasing the 
spread, particnlarly givra the 
sharp drop in Greece's reserves 
in the past year. Bnt Mr 
Arsenis says that reserves have 
only fallen foom glbn to $950m 
since the present Government 
came to power in October. The 
country’s debt service ratio is 
low, around 9 to 10 per cent 
last year and is expected to be 
lower 'this year. 

Mr Arsenis insists that 
whereas a year ago the 
economic sitnation was de- 
teriorating, tod^ the Govern- ' 
ment is determined to restore 
business confidence and io hold 
back public expenditure. Last 
year .the public sector borrow- 
ing r^uirement totalled 12 to 
13 -per cent of ‘gro» -natiAnal 
prodnet^ while inflalfon reached 
25 per cent. The new Govern- 
ment has so fan moved slowly, 
in-its four months is office but 


is shortly to introduce 
sharply restrictive budget. 

nie situation it inherited has 
caused it to shelve a number of 
its more costly plans and only 
partla^ to index wages — a 
cajQpaign promise. Its plans of 
“ socialising ” industry do not 
mean changes of ownership -but 
involve putting union and 
government representatives on 
the board of several major firms. 
The Government has been mak- 
ing contact with a number of 
Greek businesses to try and 
calm their fears. 

Two weeks ago one minister 
annonneed that an Exxon re- 
finery was to be nationalised, a 
move welcomed by party fol- 
lowers. It was only the next, 
daythat it turned out that the 
firm had made clear that it 
wished to 'be taken over, by 
which time some ministers had 
expressed anxiety, at the harm 
that mieht have been done to 
the Government’s standing 
abroad. However the real test 
of its intentions has yet to come 
and will be shown when the 
budget is tabled 






FT INTERNATIONAL BOND SERVICE 


The list shotts tbei 200 latest international bond issues for which an adequate secondary market 
exists. ..For fUrtber details of these or other bonds see the complete list of Eurobond prices which 




'.iU 


will be published next on-.Tuesday February 16. 

U.B. OCMIAR ChWigaDn' 

-STRAIGHTS itauutd BU Offer die WMitYield ■ 

'-'Aiilisusar-Btttdr ieP>i SB im lOff, 102*« 40>> -fOS 1S.81 
APS Fin. Co.. 17V 86.:. a lOSSKMV'f'OV -t-OV 15.93 
. ArmCD 0/S Pin. 1BV 8B 60 . ~ 9&V 8SV 0 -FOV 15.63 . 

Sank ManveiBi t6V 91 ISO 99V100V :0 -0V.16J» 

Br. Colutn. Hyd. 16V 88 100 WIV lOIV +0^ ■ 0. 15JU 

“ Br. CoIum. Mfn. 'l? 97'-'64 .lOZV lOS +0V 0- 16A6 

itOin. fitt. R«w m 91' 

':Ctoq>IBtr.Wn. 16V 86.;100, . 10Z^10W-+0V +0Vi5ja 

\ CBW. 16V » ' too - 

UP!, fli';...: 100 

-t— atfeoiv 0/6 16V 86.,, -ISO 
Chief. SqorloB .n.K ... ..im 
Cone.'^lkum ITH to 


■C3osing prices on Februiuy 11 


• T r rj«va 
, at 


.•tt.*!- 
fJfi'.; 
'..1 V 
ttv 




:*-i* — 


iWW--CPC Flrii-;16V SB ' 60 

Duoent 078 14^ SB ... 400 

EI8 .19^-68 :... 100 

. EIB 16V 61 ...........V .100 

. ftMAC 0/S Fin,. 19j 84 S50 
Gulf Statu 0/S-17V SB 00 
.lapari Airllau 15V 88... SO 
Nat. Bk. Canada 19a'88 . 40 
Net. Waat 14V Si ...... 100 

Naw Brunawiek 17 88 80 

Newfoundland . 17V 86 .. . '80 
‘Nbw a tab. Hy. 17V 89 75 

Ohio Edlaen Fin. 17V 88 75 

OKG 1SV 97 50 

Ontario Hyd. 16 Si (N) 200 
Pae. Gar a B. 15V 86 80 
’ Quabee Hydro 17V 91 . -ISO 
.Quibac Provinca 15V 89 150 
' '.Saakatchawan 18V 88 TOO 

'' fStatafocatao 1BV 87 SO 

' .Sweden 88 ISO 

Ex. Cnd. IBs S3 .:.75 
i-Ttnnaeo InL 17 89 ...... TOO 

s:---Tbxw Astern 15V -88,..' 75 
- Tranaean'ada' 17V 88 ' 76* 

Tranaeinada' -16 88 ... 100 
r-'V.. WaltOianay 15V 86 JOO 

‘.'WihnapSB' 17 86 50 

WMC rtn.- 154' 88 50 

World-Bank 16 88 80 

World Beiik 184 86 130 

World Bank 16>4 88 ... 100 
'lf> ' Amrago price changu... 

‘ DRTTSeW MARK - 
'. STRAIGHTS . . loauod 

Aalan Oev. Bank 10 91 .100 
'Aaian Dv. Bank 10V 88 100' 

- - Auatialia 94 91 300 . 

.'£C! eafaatactrifl.-ll 91 ISO 

-;|iv. ttCA..10. 91. .120 . 

£oun. of Surepa lO 91 . 100 ' 
Coun. of Europe 10V-91 

FPC 1tl4 -83 

'SIB 8>i 90 

FIB 104 91 . 

Eintand. Rap. of .104 85' 
Intar-Anurican 10 8l 
Intor-Amariean . 10V 91 
Ireland 104 88 ... ..... . 100 
'Jtfwn 'Airllnaa 84 87 .. . 1(0 
Midland Int. Pin. 84 '90 
Mt. BkJ nnmfc^' 104 ST 
Naw &aland 9V 89 

!0ICB 104-91 

Quebec' Hydro 1A 81... 
Renault- Aepr 10V,. 86 
Swed.:ae..C.ttd. 104 91 
Tf^ofid Bank 10 61 


1014 1014 0 -04 16.41 
1014 lOlTi 404 4-04 164B 
1024103 -fr^ 0 16.79 
1024 102T, +W| -04 18J» 
10e4 WZ4 +B4 -0418.76 
. 1024103 *^04 -04 V6.77 
96V 96V 0 rOV1532 
- 100 . 1004 -04 -04 16J3S 
10041014 O -MI4 16.46 
1004 101 - -hOV •i'04 16412 
1034 103Pi 0 -04 16AS 
994 994 +04 -04 15tt 
100V 100V 0 .-0417.02 
95V 8SV. 0 -04.15.0 
1044 106- . +04 ^04 15.72 
IK 1054 +04 -04 15.R 
1034104 +DV-041631 
1034 1044 +04 +QVT6A3 
97V 874 +0V +04 16.19 
99V100V 0 -0415.M 
. STa 994 +04 +0V 1565 
1034 104 +04 -0>4 16.39 
K 96*j +04 -04 16.33 
1004 1014 -04 -04 15.97 
97V KV +DV -OV 16.36 
924 934 - 0 -OV 16.20 
' 1QQV1Q0V +<Pi -W| 16,36 
: 103V 104V 0 ■ 0 15tt 
994 994 +O4.-UV 16.12 

- 10CV 106V +04+04 iai2 

. 98 984 +0V -04 1&37 
' 1014'ioe +04' 0. 15.10 
1034 1IU4 +04 +04 16.K 
964 S0V +04 -04 1638 
100 1004 +CFa -04 15.68 
1024 102’a +04 +0V 15.K 
1014 102V +OV +0V 16.92 
On +0V o'n wea k — OV 


..iiSi. 
fkw .. 


•'.If. 

.‘Wfi 


100 
TOO 
2M 
■ 200 
ion 
IK 
WO 


180 

100 

200 

150 

ISO 

150 

IK 

.290 


' Avango price eharigas . 


Ctiangoan 

Bid Offer dw wuk YMd 

K4 994. 0 -1 10.12. 

10141024 0 -OV 10.34- 
984 994 +04 0 9.53 

1004 1014 -OV -04 10.81 , 

10041014+04 D ajrr ■ 

■ 994 1M4 -fOV +04 S J6 
• 1004 1014 +QV +04 10m 
1004 1004 -OV 10,02 
'924 934 0 +0V 9.76 

■ '10241024 +04-0410.04'- 
1004 1«4 +04 +04 10.16 
9941004+04-04 9.97 
. '10041014 +04 +04.10.07. 
994 1004 0 0 -10il7 

954 964 ' 0 -OV 9.03 
. 934 944 +04 0 . 9.53 
.99*1 1Q0V ' 0- +04 10.46 

10041004 +04 +(P< 9;B4 . 

-IOO4IOT '-0i| +04 9.99 ' 
102 1024 +04 +04 9.87 
100 1004 +04 -04 10.M - 
994 984 -04 -04 10.30 
I0lt»1014 +1V +14 S.74 
On day +94 bn waali +04 



SWISS FRANC 
'STRA'lKfTS ^ . 

Aaropert Paris 6>» 9T .. 

Aaian Oav. Bank- 8 K '80 
BFCE'54 81 100 

Baigalaetrie Pin. TV 91. IK- 

Boll. Canada TV' 83 WO. 

Bargan. City of 64 91' 40 

Bet. da 'Airtepistaa'SSD BO- 

CECA6V91 ..; 

Dpmt . Petrolauai ' 54' 81 
Demo PBlrolaum .TV fo- 
Pnne, Petrolea.64 8l.~ 

Gonsttr 7 91 

int. Amer. Ov. 6k. 7 91 

l/S.Elum'84 91 

Japan. Air tinea. 'TV 91 
Nodar. Gaaunio '8 91 ..7 

OXR 7 93 

.TV 91 

^lo. Chyef8 91 ..... 

Saint Etimno 84 81 ... 

Sw'^: Ex. Cradit TV 91 

TNT 0/S Fht. 8 91 

Unileur' NV 74 93 

World Bank 6 91 

Werid Bank 7 90- 

World Bank 8 91 . 


Avango prka cAhngesi 


Ctenga. on ' . . . 
linobd Bid . Offer, day. week Yield 
60 T93' 93>t -04 -04 7J4 

WOV 101 . -04 -OV 7.85 
96V .944 +04 -04 7.37 
101V 1014 +0V +04 7.53 
103V104 0 -OV 6.76 

-994 99V +0V -04 6.80 
964 'SaPk^+Ot -04' 8120 
96V'984+0V' 0 6.98 
92V 924+0V -O4 6.92 
1024 1024 +04 -<Pi S.88 
t9«4 95 0 -O4 7 JO 

1014 1014 -OV -04 6.7S 
974 974 +0V -04 7.39 
103 1034 ~*Q4'+Q’4 8.01 
103 ,103V +0V +0V 680 
1054- 1064 -OV -04 7.12 

98 . '984 -0 -04 7:23' 

WO .WOV - 0 0 7.23 

10441044 -04 -04' 7.91 
10641064 -04 -04 7.84 
-964 964 ~04 -14 7.75 
1034104 +04-04 7AZ 
10441844 +04 -04 6.91' 

914- 824 -04 -04 7.26 

99 99V -04 '-04 7.14 
1034 1034 +04 +04 7A4 

On'day O'on w/sak —04- 


BO 
100 
100 
80. 
in 
100 
n 
' m 
100 
100 
108 
300 
• 20 
7S 
50' 
WO 

.wo- 

rn 

nr 


..c. 


t YOr STRAIGHTS ' Issuad 

Aaian* Oav, Bk, SV 91 15 

Australia 64 88 20 

EIB 74 8B 12 

Finland, Rap. of 84 87 15. 

' lnt.>Ainar. Dav. .84 St 16 
New. Zealand 84 .87.'^ .. IS 


Change on . 

BM Off or day week Yield 
9S>x 994 0 +04 8A0 
904 914 0 +04 8.42 

87 99 0 -14 8.19 

984 884 +04 +0V 8A4 
1014 1024 -04 +-84 8.57 
884 1004 +0>i +04 8:27. 


Awenge pifea diuigw... .On day 0 m weak 0 

' ' ' 'Chwigaon ' 

' ormR sntAIOfrs - Itumd BM OSkr day -weak Vlald. 
Can. Utilities 17 98 es 60 1974 574 0 -0417A7 
Federal Oev. 174 86 CS ' 40 t1Ol41024 +04 -0417.01 

rjur GUAC fCan.) 18 87 CS' BO t106*fW54 0 -1 16.48 

•»:»r Peneanadien-184 88'CS - B ~t97 974 0 -OV T7.17 

' ‘ QbOO. Urban 18V 86 CS 20 - tioo 101 0 0 16A4 

- *- Reynat 1^ 66 CS - 40 tiOOV 10141+04 +0416.88 

Totdoiii'Cpn. 134-88 OS'- 30 .' tSS 'B6" 0.'" 'O' 1R1S 


M. Bk. Onink. 9 54 EUA 25 
SOPTE 84 85 EUA ....:. 40 

U. Bk. Nwy. 94 90 EUA W 
AlgaoMne Bk. 10V 96 Pi SO 
Anifa'e Group 12V 86 Fl 40 
Amra. Bank 12 86 FT ... '76 
Airire Bank 12 86 FJ 
Kaloeken NV lOST jqr. 100 
Planeri 10V 96 FI so 

BatiDbtnk 12 86 fl-'.l'.'.-.r 'sr 

■ Air France 144 BS.Rir.,. 2DO 
Bk. Amerioa 144 86 FPr 250 
Ottrb'nagea 134 n FFr 40tT 

EIB14V8BPPr 300 

IM Redouta 144 85 IVr IK 

OKB 14 ee FPr 400 

Solvay Bt C. 14V ^PPr 90D 
Swad. E. Cr.144 88 PFr 250 
U. Max. Sts. 1* a& PFr 150 

Aeeni Ik 85 C 20 

Bontlleial -14V 90 E 20 - 

BNP 134 91 £ 15 

CECA 134 68 C 20 

Citicorp 0/S 134 90 £ SO 
Pin. Ex. Cred. 13V 86 £ 15 

Gan, EtM. Co. '134 99 £- 90 
Hiram Walker 14V 96 £ 25 

Pilvatbonken .144 88 £ 1g 
J.' Rothadrild 14V 80 £ 12 

Ro^ Tniiteo 14 86 £... 12 

Swtd. Ex. Cr. 13V -SB C 20 

Akzo BV 67 LuxFr 500 

Euratom 54 88 UixFr ... 500 
Euraffna 104 87 'LuxPp' 5D0 

EIB 9V 68 LuxFr • 600 

Volvo 54 87 LuxFr BOO ■. 


964 874 +0V +1 11.34 
774 TB^i 0 -0413.10 
9T4 92V 0 +0V11A2 
974 99 +04 0. 10.96. 
1024 1034 +04 -04 11.40 
1014 1024 +04 +04 11.39 
8DL. 1014-1024 +04 +044.1.43 
964 97 +04^0410.79 
-874 974 +0V +0V11A4 
. 1O1V^4'+0V +B411A8 
.944 954 +O4.+O4 16.U 
934 944 +04 +1_1M1J 

9«4 9^ +bv+i it^ 
914 924 0 . +1416.42 
914 924. 0 +0V17.2B 
934 944 +04 +04 16.05 
944 954 +04 +141645 
934 9<4 0 -<P|1B48 
92 93 +04 +04 T7.K 

914 924 +04 +0417JD1 
844 854+04 0 17.83 
864 864 +04 +14 1634 
B>4 904 +04 -04 16A9 
894 mi +04 +04 16.99 
90V 91V +04 +04 16A0 
964 MV +04 +04 1534 
934 9«4 +04 +04 16.15 
894 904 +04 -04 T7.21 
92\ 934 0 0 15.66 

S34 9*4 +04 +04 16.11 
92 53 +04 +04 19.37 

974 '684 -.0 -+1412.23 
874 89>« O 0 12A2 
924 934 0 0 12.28 

894 904 0 -HFi 12.24 
974 9V, +04 +1412A 


FLOATING FUTE 

- NOTES Spread-Bid 

Bank of Montreal 54 90 '04 - - 90 
Bank of Montiwl SV 91 04 

Bank of Tokyo ^'91 04 

Bk. Nova Seeila 5V 93 04 

BBL Int. 5 86 04 

BFCE 54 88 -04 

BFCE SV 87 04 

Chrletiania Bk, 54 91... iOV 
'(^-Ban Euroiin 54' 91... OV 
Don Npraka Ccad. 54 93 04 

Gecftnanca 5V 92 04 

Gira und Bank 64 91 ... WV 

GZB 5V 82. .: tOV 

fnef. Bank Japan 54 M 04 
Llovds EuroRn SV 93 ... §04 
'(.TCB Japan 54 88 OV 
Midland Int. Fin. 9 91 04 
Nadenal Fin. A 88- 04 

Nat. Bk. Canada. 54 88 04 
Nat. WosT. Fin. 6V 91 .. M4 
Nat. Wasc. A'n. 6V 92... §04 

' Ni^ie Int. fiii, 54 91 .. 04 
Oftah'era Mining. 5V- 91 04 

'Penvax B 91 9V 

PKiMRkan 6 91 04 

Sanwa 'int, Rn. SV S3... 04 

Scotland' Im. 54 04 

Sac. Pacific 54 81 .... . 04 
Soorete Ganarata 54 91 04 
Standard Chare. SV 91 04 
Sumitento Fin,.9i 88... . 94 


Offer C.dte C.^n C.yW 
994 18/6 144 14J4 

17JIB T7.1S 
13>« 13.28 
17.M T7.11 
134 13S7. 
16B4 16.98 
16V 16.29 
16 16.12 
16A9 16.90 
13B6 13.89 
154 15A6 
14.K 14.15 
5/3. 134' 13.25 
9/5 1SB1 13.46 


95V 99V 29/4 
994 IM 10/6 
99>r1M 29/4 
99V 984 20^ 
99^1 WO 28/4 
884100 23/7 
K 894 5/5 
984 99- 14/4 
974 ST’i 4/6 
994 89V 30/6 
994 994 23/3 
9BV-884 
994 894 


Average ' price- changes 


994'8SP»29/4 17.13 17.19 
99 99415/7 15.31 15.43 

994 1004 30/4 17.M 17JK 
197- 874 25/3. -17.31 17JI» 
994 K4 26/3 • 17.31 17 J8 
99 98416/7 .18:19 15J« 

'9941M 23/4 n 17.04 
984 994 6/5 .154 15A0 

'964 984 2/6 13 13.21 

97 974 8/4 17 17.48- 

-984 98417/6 144 14Sa 
1994 100 M/3 '17V 17.29. 

984 98i|23/3 13.94 14.13 
98V 9V«24/5 13V 13A6 
99 99432/7 15V 15.37 

971. 96418^ 13.31 13.57 
99 984 8/B 16 lf-12 

On day 0 OR wmk -04 


12,‘W 

BSS 

11.51 
3.88 
11 JO 
7ja 
21,20 


CONVERTIBLE Cnv. Cnv. : Chg. 

BONDS ‘ date price Bid Offer day Pwn 

Aiinemoto 6V 98 7/81 9S3 964 97V +1V 4.45 

Bnw Valley Inv, 8 K ... 4/9129.12 95 97 +0>4 48.K 

Canon 6V K 1/81 829 1CI7V1Q9V+04 5.13 

DalwASaea. S?a98 12/91513J 173 75 0 -3.00 

Fujiuu Fanue 44 86 ...W/81 6770 
Funikawa Elec. SV 96... 7/81 300 
. . Hanson 0/S Fin. 94 96 8/81 2.74 
Hitachi Cable SV K . . 2/92 615 
.Hitachi Cred. Cpn. 5 98 7/81 1773 

In^capo 8 95 3/81 4J6 

gawBM'ki 5V 96 9/61 329 

Manii 6 96 7/81 931 

Matsuch'ta El. 74 95 ...11/80 590 
Minolta. Camera 5 96 ...lA/in 609 

Minerco SV 97 5/82 8.16 

Murats -SV 96 7/81 2190 

NKK 64 96 7/81 186 

Nippon Chemi-C. S 91...W/B1 91S 
Nippon Eleetiic 5V 97... 2/83 R46 
Orient Finance 5V 97 ... 3/82 1567 

Sanyo Dectric S 96 W/81 652 

Sumitomo Met. 5*4 96. ,.10/81 3K 
Swiss Bk. Cpn. 64 90 .. 9/80 191 
Taylor Woodrow 8V SO-1/81 OM 
Konishiroku 6 90 CM ... 2/82 S8S 
Mitsubishi K. 6 89 DM 2/82 263 

* No information evailabl o ■ - p ni vtouB day's price. 

1 Only one market makBr aupplied a-pfice. 

Straight Bondsi The yield is the yield to ledamptlan of the 
rnid'priea; tbe amount issued Is in millloiu of currency 
units except for Yen bends. Rthere it ia in . billlene, 
ClwnBa on week^Chaiiga aver price a weak earlisr. 
Pleating Rate Wdtee; Denominated in doMarafunleas ether- 
wise Indicated. Coupon shewn ia minimum. C.dte— Date 
next coupon becoines effective. SoneadaMergin above 
sis-menth offered rata (1 thiee«month: S-above mean 
.. rate) for U.$. dollars C-epnaThe current coupon. 
C.yld*"'nie currant yield. 

Cernw^le Bendsi'-Dertominaied in dollars unless other- 
wise indicated. Chg. dey^Change on day, Cnv. date**. 
First date for convarsion into shares. Cnv. price- 
Nomhial amount of bond per share- expressed In 
eurraney of share et e^varaien rare fixed ai issue. 
PfsmwPsrsantage premium of tbe currant sffsetnre pries 
of acquiring s'hares vis the bond over the most receot 
price of tho shares. 


wev 110V +04 7A1 
121 123 -OV -3M 
tS9 90 +4 ' 89.41 
108V 1B4V +04 -1.49 
834 844 -04 5.78 
t634 65 0 

784 774 -09| 

103 1044 0 

85V 874 -04 
704 71V +04 
96 96V 0 

76 771* -OV 

91V 984 -04 -5.14 
72 74 0 3^56 

1084 1044 +04 0^ 
92V 93V -OV 6JM 
77V 79V 0 8.3 

774 79 -1 6Jn 
t?2 74 0 18A2 

■W5 M 0 -4.64 

104 105 0 -1J3 

99V 100V -OV 3.77 


-0 The Financial Timas Ltd:. 1962. Reproduction in whole 
or' in part in' any form net pe rmitt ed without written 
cohsentl 'DeCa'aiipoiled' by D'ATASTREAM Intortiationsl. 


$165m 
Eurobond 
issue iErom 
BASF 

By Our Euromarkets 
Correspondent 

‘THE GEBMAN chemical con> 
eern BASF is returning to the 
Eurobond market for tbe first 
time in more than 10 years. 
It is raising $165m throogh a 
six year warrant isoe led by 
BeotBche Bank. 

The warrants vtiU enable 
holders of each $L000 bond 
to purchase 2d dares of 
BASF at any time during the 
life of the issue at a price of 
■Dlft- 136 per. share. This com- 
pares wifh yesterday's closing 
- price of BASF shar^ of 
DM 132.70. 

The bonds bear a coupon of 
11 per cent and are being 
issued at par, but Dentsehe 
Bank reckons that inclusion 
of the value of the warrants 
;wUi give the issue an effective 
yield of 16 per cent * 
The Issue carries a certain 
rarity attraetion on the Euro- 
bond market which seldom 
sees any Gorman paper; for 
the brnrower it offers tbe 
ebanee of raising new capital 
wiChont inq>osing a lifdits 
issue on share- 

holders. 

Also lanncbed on the 
market yesterday was a S75m 
seven-year 16} per cent issue 
at 69S per cent for New 
. Brnnswlek Electric Power led 
by CSFB. Rnmonrs were rife 
of a strong Increase bring 
imminent in tbe S400m float- 
ing rate note for Sweden 
whldi is beittg managed by 
the same bonse. 

On the secondary market 
fixed rate Eurobond prices 
picked np a little during the 
afternoon after a quiet start, 
closing the day I point hi^er 
on average. 

In other primary market 
news the ' TO.6bn five^ar 
Euronote issue for Japan 
Airiines has been given a 7} 
per cent couiwn and par issue 
price by lead maxugers Daiwa 
Securities and Morgan 
Guaranty. 

' Prlndpal and interest pay- 
ments on this bond wiU be 
made In dollars, although 
secondary market trading wIU 
be settled in yen. Tbe 
exdumge rate for subscrip- 
tion payments has been set 
at T236.1^ per dollar, 
giving the issue a wnnlnal 
equivalent of 636.57m. 

Hitachi, is raising a $30m, 
15-year -convertible bond 
ti^ougb Nikko Securities, 
which is beihg arranged as 
a ehtb drill with an indicated 
per cent 

In Switzerland a eoiq>on of 
7 per cenrand par issue nrice 
have b^ set on the SwFr 
100m. iO-year issne for the 
Province of Manitoba, 'wtaieh 
is being led by Union Bank 
of Switzerland. 

In an otherwise quiet Swiss 
market tile 6! per cent bonds 
fM* the Jaoan Development 
Bulk, which met extremely 
good interest daring the snb- 
serfptim period, open^ I per 
cent below the issne price of 
99J per cent in the secondary 
. market Bankers sidd the 
weak opening reflects changes 
. in the market conditions since 
the 'bonds were lanndied. 

D-mark foreign bonds were 
marginally firmer in qnlet 
tradlzii^; 

First Chicago 
to sell 
Beirut unit 

Oy William Hall, - 

Banking -Correspondent 

FIRST NATIONAL BANK of 
CSlicago has put its Beirut 

- operation. First National Bank 
of Chicago (Lebanon), np for 
srie. 

First C3iieago said it bad 
decided to divest most or all 
of its stake in the Lebanese 
bank, which it has owned 
since 1968. The bank has three 
branches in Beirut and assets 
of more than SSOm. 

Hr 'White, area head 

of Middle East and Africa for 
First Chicago, said the 
Lebanese .bank was a snceess- 
ful operation which had 
always - made money. First 
Chicago planned to divest 
itself of the business as part 
of its “strategic focusing of 
corporate resourees on 
priority businesses and 
markets tfaronghont the 
world.” 

The Lebanese-bank wfl! con- 
tinue to operate until an 
appropriate partner is foiind. 

It has a staff of around 50 and 
offers full- banking facilities. 

- Mr White said yesterday at 
least 18 new banks had been 
set np in the Lebanon over the 
last thr ee years. 

Recession in 
housing hits 
Domtar result 

By Robert Glbbens in Montreal 

the RECX^ION in the 
-North American -honsing ia- 
dn^ was tite prime factor 
in iowtt earhinss at Domtar 
bic., the pulp and paper, 
building materials and chemi- 
cals group. ' 

Operatu^ eaniinp.for 1981 
were C^94si or C63.35 a 
share, against C696.6m or 
C$5 l 7S a dare for the pre- 
vious year, ^es were CSl-7 
. hn, Against C$l,6bii in I960. 
The eompany is how 42 per 
• nat controlled hy-agendes of 
the Quebec Government 



services growth 
lifts Schlumbeiger profit 


- BY'OUR NEW YORK STAFF 

SCHLUMBERGER. the oiLfield 
services and electronies group, 
has reported a 27 per cent in- 
crease in net income to .$1^7bn 
for 1981. thou^ the forttmes 
of its various divisions diffored 
Mr Jean Ribimd, the cbki> 
man, said thti gain in-earoings 
was largely attributable to the 
strength of the company’s oO- 
field services worldwide, and 
to a leser extent , to a lower 
effective tax rate; Revenues 
from oilfield services 'grew by 
35 per cent to $2.79hiL 

revenue was do^ by 
1 per cent to $2.12bn in thie 
measurement, control And com- 
ponents division partly- because 
of currency translation losses 


but also because of the severe 
recession in the semicondnetor 
industry, which is affecting 
Schlumberg^s recently an- 
qoired Fairchild Camera and 
Instrument subsidiary. Some . 
Wall Street anatlysts have * 
recently downgraded Schlum- 


eess plant group., almost 
doubled its net operating profit 
in the final quarter of 19B1 from 
$14.52 to 92&9Sm on revenues 
down from.$4U.4m.to 3384.3m. 
However, fbe result ritdudes a 
$5.2ni . loss from discontinued 
operations wbile last year there 


berger— once a glamour stock was a $5.5m addition to profits 


Schlumberger’s total net in- 
come was $l.S71m, or $4.37 a 
share, np from $9Mm, or. ^.47 
in 19^. Revemies ^.^n. 
up from $5.14bn. In the final 
quarter, SOhlumberger's net 
profit was $338.8m, up from 
$319.6m. 

• Wbeelabrator-Fiye. the 

environmental cuitrols and pro- 


from this source. These left the 
net result at $28.7m compared 
with $20m.- 

Top the year net operating 
pri^t came to . $90.0to com- 
pared with $49.^ previously 
OD revenues ahead from $l.l7hn 
to $l.S5bn. Per share operating 
profits $4.71 against $3.97 
after $1.52 compared with 81 
emits in tiie final quarter. 


Brunswick moves to thwart bid 


BY TERRY BYLAND 

BRUNSWICK CORPORATION*, 
the m^cal suiqilies and re- 
creational products company 
currently facing an unwelcome 
$S20m bid for 49 per cent of 
its shares from Whittaker, the 
Californian industrial and so^ 
vices poup, yesterday disclosed 
that it was considering, an 
offer of “ something' less “ than 
$45 Om cash for its Sherwood 
medical subsidiaTy. 

In London yesterday, Mr 
Charles V. Rice, a vice-president 
of Whittaker, admitted that 
Sherwood, a manufacturer of 
metical products with a turn- 
over of around $300m last year, 
was the “ madn attraetion ” for 
Whittaker. 

Mr K. Brooks Abernathy, 


chairman of Brunswick, told a 
Federal Court in Chicago that 
the Jknnsvrick board had pre- 
viously ** received and rejected '* 
an offer of about 3450m for 
Sherwood. But he added that 
his board bad considered en 
offer below the $450m mark . 

The court was bearing an 
application fTOm Whittaker for 
a temporary restraining order 
to prevent Brunswick foom sell- 
ing Sherwood. 

Whittaker claimed that the 
board of Brunswick — which 
continues vigorously to oppose . 
tbe bid despite Whittaker’s 
announcement earlier this week 
tiiat its tender offer for 49 per 
cent of Brunswick^s equity had 


been ** heavily oversohscribed.” i in Whittaker. 


was pursuing a scorched 
earth ’’ defence 

In the wake of the success of 
its offer, Whittaker ** sweet- 
ened ” its bid terms by increas- 
ing from ^&50 to a share 
its offer for up to 10.4m Bnms- 
'wlck shares.. It is also offering 
. $1,257 per ^'.000 for up to SSOm 
of Brunswick’s 10 per cent ««- 
vertible subordinated' deben- 
tures. 

Mr Rice said yesterday he 
was confident that tbe Bruns- 
wick deal would go ahead on 
tbe ■ eiQiiratiOQ date . of the 
offer, now extended to February 
26. notwithstanding a call for 
a Congressional inquiry into re- 
ports ol Saudi Arabian interests 


Continent^ 

Groupand 

AUiedbid 

forSiipron 

By Our nnandaf Staff 
ALLIED CORPORATION and 

Continental Group are to ta» 
over Supron ^ergy- Corppre^ 
tion in a $714m 
The Dallasbased oil . and ^ 
group bas been a merger cawn^ 
date for much of- the .past 
Allied, formerly: . 
Chemical, has chemi^2»®Jf®®|f 
as well as substaoti^' off 
gas holdinp in the ~N<BTO_^“ 
and elsewhere and is'to b*u lor- 
Supron throu^ a subaSiiiary. 

The oil and gas propertt«i<« 
Supron will be' transferrM 

to a company jointly owned W 

Allied and Contineptal. 

I along with its dominant w . 
! making and packaging actmPes 
I has moved into' gas and 
1 The -Allied subsidiary is w 
make a cash .tender'' at .$35 a 
share for 79 ■ pier - cent <« 
Supron's 16.1m shares and men 
intends to exriiange the 

amount for the ' remafoder. 
Total Petroleum, a subadiary 
of the Compagitie Francaise des 
Petroles group bas 10 per cent 
of Supron’s shares and w«s 
prevkmsly considered a potm^ 
tial bidder, altimngh Allied arc 
Supron annonneed they were m 
talks last month. 

Supron is primarily a 89S 
producer with reseri^ -of ab^ 
475bn cubic feet .of gBs and 
8:3m barrels of oO and conden- 
sate. However, it has relatively 
large unexplored areas tetalling 
741,000 acres in some, of the 
choicer parts of Montana. 
North Dakota. Wyoming and 
Texas. 

It is also carrying out a 
major exploration programme 
on its New -Mexico gas 'fields. 


RCA to strengthen video market presence 


BY IAN HARGREA.VES IN NEW YORK 


RC.4, the U.S. conglomerate, 
^terday announced moves to 
improve its position in three of 
its mos timportant markets. 

The company said it was cut- 
ting tbe price of its videodisc 
plaj-ers in an effort to stimulate 
demand, which has fallen far 
short of initial projections: it 
announced a new range of 
Japanese-made video-cassette 
recorders; and it is soon to 
start producing picture tubes 
for use in colour video display 
units on computers. 

The moves are in line with, 
the commitment by Mr 


Thornton Bradshaw, RCA's new 
chairman, to manage more 
aggressively the group's elec- 
tronics and high technology 
business. 

The decision to cut the price 
of videodisc has been on the 
cards for some time since it 
became obvious that the com- 
pany would struggle to sell half 
the 200,000 players it bad hoped 
to sell in 1981. 

Sales of the discs which the 
players use, however, have been 
stronger than RCA expected, 
leading to the analyris ithat the 
best way to .make the videodisc 


player take off is' to s^ players ' 
as cheaply as possible in order 
to build up the necessary mass: 
on which a profitable market 
can be constructed. 

The new price of the video- 
disc player is $349J95, down by 
$150, and the pl^er will 
certainly be sold more cheaply 
than that by discounters. 

Tbe entry into tbe video dis- 
play tnbe market is an attempt 
by RCA to defend the tJ.S. 
market for these components 
against tbe :firm advance of 
Mitsubishi - and other Japanese 
mainffacfoiers. 


RC.4 said it would offer a tube 
technolo^ which delivered 
better picture resolution .for 
colour display units than 
products at present on -the 
the market RCA tubes will be 
avail^le from the second 
quarter of this year and will be 
made at Lancaster. Pennsyl- 
vania. 

RCA thought tbe demand for 
colour display units would rise 
from 40,000 last year in the U.S. 
and' Its export markets to 
250,000 in 1985 and over Im by 
1990. 


This Ann ou nnem en t Appears as a Matter of Recoed Only 



Correios eTelecomunica^oes 



U.S.$50,00Q,000 


lead ^Tanaged 1:^ 

The Simiitomo Baiik, limited 

Bauqae de la Societe Financiere Eiiropeeiiiie 

SF£ Group 


Managed'hy: - 

Banco Pinto & Sotto Mayor 
Credit Commercial de France 
The Nippon Credit Bank, Ltd. 
TheTaiyo Kobe Bank (Lnxemboui^ S-A» 


Provided 


TTie Sumitomo Bank, Limited 
Banco Pinto & Solto Mayor 
The .Mppoii Credit Bank, Ltd. 

The Hokkaido Takushoku Bank» Limited 
Cenlral Ihcific Bank 

O&teneichische \^1kshanl»iT^.A]ftfFTiciwapJ]y»} igfr 


Baoque Bsliofigaz 


-Agent: 


Sro Banking Coiporation Limited— SEE Gun^j 
Credit Goinnimd'tle France 
Hie Taiyo Kobe Bank (Lavembouig) S. A. 
DBS-Daiua ^curities InlemaLional 
Zs'ippon European Bank S.A- 
Sailama Bank (Europe) S-A, 


♦' ■ 

The Smnitomo Bank, TAYiTif.j [ 


Decemher. 3981 


2S 



REDNAQONAL 

D£U)S EE2010CARRELES E^A^OLES 
US $80,000^00 

Term Loan 

ttiWiiWjiiafrgmenlBiirftty, 

The Kingdom of Spain 


Banco HI^ismAmetfeano^ SA 


CIBC UMITED 

Daiwa Bank Trust Company 

The Royal BanktfSeotiandlJmited 


Batin Iftqurfo Hispano Atneribmo 

CrMitduNonj 

Taiyo Kcte Finann Hongkong Utnied 


Banco Hispano Amerfeana S A 
Cam O’EstaMs da Catalunya 
Caja deAborres Aovincial da ABesnto 
Cs^ da Ahoctos novineial de Tarragona 
Cai|a da Ahorros y Monte da Piadad da Maefcid 
Caja ftovincial da AfioRDS da Cuenca 
Coiifiederacidn Espaflola de Cajas da Ahonos 
Dama Trust Company 

llie Long-Term CreiSt Bank of Japaa Umitsd 
IheRo)^ Bank of Scotland Lanited 
Tokai Bank Nederland N.V. 


lad Mansgsd by 

The hoas-Term Credi£Bank 
o! Japan. Limited 

Uatagaibf 

Cwifederaddn EqaaBoIa de Cajas de Ahonos 

Mitsid)isiii Bank (Europe). SA 

lire Yasuds Trust arid BanMng Company Limited 

GoMataoBdby 

C^O^BiaMsdeCatakms 
The Kyowa Bank. Ltd. 

Tokat Bank Nederland N.V. 

RmctaftctiAladby 

Sanoo Upqt^ Htspeio Americano Uhtcteii 

Ceja da Anorros de la Inmaadada 
Caja da Ahorres Provraal da Mtinsa 
Caja de Ahonosy Manta de Piedad da Ladh 
Ceja General de AhofTOB y Montt da Piadad 
da Santa Cniz de Tenerfte 
Commerce imematkinalTrustlaiBled 
CidditduNerd 
The Kyowa Bank Ltd 
MItsubisIn Bank (Europe) SLA 
Taiyo Kobe Hnariee Hongkong Uhiifad 


The YasudaTiustand Banking Company Limited 


The Long-Term Credit Bank of Japacv Limited 


•Inayisaz 


Cazenove&Co.,. 
n.TokenhouseY'ard, 
London EC2R7AN. 


Continental Illinois Limited*. 

162.QueenVictonaStreec, 

LondoirEG4V4BS. 


I Itb Febraar}'. 1982 


AsixbdSiaryof 


Thisadveniscmem complies with the requiiemnitsornie Soick P^ichawp . 
of die C'niied Kinpdon and the Republic of 

TORDOM Corporation 

. tntAje.J!tBna^oJ^Pi!M70, CjuHldq/.-.y'. 

Canadian $25,000,000 

16]i% funtilMarch 1, 1985 and 17% thereafter) 
Guaranteed Notes due March 1, 1988 

Guaranteed as to Prindpal and Interest Iw 

The Toronto-Dominion Bank 

/aCi/nafineAarfertfJ/vni/ 

The issue has been managed by:- 
Contioetital IDiiiois limited 

Anuo taternadoiul Undted 
Bank Bmssd Lambeit 

Banqne Generale dn Lnxembom^ S.A« 

Banqne TVbnns 

Mcleod \bang International limited. 
Sodete G^neraie de Bancfue S A. 
Wood Gandy limited 

The N’otes. to be issued ac 100 per cent, ban? been admitted (o the Ofircial List by (he Council of 
The Stock Exchange of the United Kingdom and the Republic of Ireland, subject onV to the issue of 
the Notes. Inierest is pavable on each Note anauallT on 1 March, the tirxt pajmem ro be made on 
March 1 . 1 9St. Articulais of the Notes ^Ql be made amiable in (he statistical service of Exiel Statistical 
ServicesLimited. 

Copies of the Extel Statistical Card relating to the issne maybe obtained during normal butiness hours 
on 8ii>‘ tteekdsQ' (Sacurd^'s, Sund^ and public bohd^ excepted) up to and including March I. 
1982 from:- 


Goopanies and Markets 


Record 
earnings 
at Credit 
Commercial 

By David White In Paris 

SHAREHOLDERS of Credit 
Commercial de France packed 
in to their last meeting to 
hear the swansong of Jtt Jean 
LdrSqae, the chairman, who 
told them that in its last year 
before nationalisation the 
bank bad aduered fte best 
resnlts in its history* 

OoDSoUdat^ net profit for 
1981 rose to FFr 232m 
($38.7in) from FFr 192m, an 
increase of 21 per cent and 
hf^er than forecast, nie 
improvement was mostly the 
result of the eronp*s expan- 
sion and earnings overseas. M 
Leveqne said. 

-‘As you se^ it is a solid 
gold finandal position that we 
are leaving for the state, 
which is expropriating ns/* 
he said. 

U Leveqae, one of the most 
vociferous opponents of the 
French Government’s nation- 
alisation programme, said the 
bank wotdd have been able 
to .pay a net dividend of 
FFr IS per share for the year, 
up from FFr 11.50. Parent 
company net earnings were 
18 per cent up at FFr 150.5ra. 

Expressing “a eertitin 
relier* that the compensation 
offered bad been increased 
to FFr 254 per Aaie from 
FFr IM. he s^d this was still 
well below the real worth of 
the Quires. 

Banque Nationale de Paris 
(BNF). tile biggest of the 
tiirec top commercial banks 
which are already national- 
ist said yesterday it 
expted a 40 per cent rise 
in consolidated results for 
1982. before tax and pro- 
visions. Bnt net earnings 
would be lilt by the need to 
provide for lending risks. 

de Fiauneiere de Suez, the 
banking arm of the Indosnez 
groop. also said yestmtigy 
-that 1981 profits would show 
' .att increase 


Montedison 
sales up 15% 

By James Buxton In Rome 

UONTEDISON, the Italian 
chemical concern, recorded a 
15 per cent rise In gronp sales 
last year to LS,362bn (B7.4bn) 
against L7,278bn in 1980. 

Chemicals sales aecoimted 
for 67 per cent of tfae total, 
while exports and production 
by foreign subsidiaries contri- 
buted 39.2 per cent of sales 
against 36J per cent in 1980. 

fliontedison inciirred a 
L267bn net loss in the first 
half of last year. Resnlts for 
ttae second half have not been 
announced, bnt the company 
has indicated that the poor 
state of the chemical market 
did not make the second half 
of the year any easier. 

As p^ of the restructuring 
which the gronp is currently 
undergoing, Montedison 
recently appointed two new 
managing directors. Sig 
Giorgio Porta, formerly head 
of strategic co*ordination, 
was made managing director 
with responsibility for base 
cbemleal production, and Mr 
John Sweeney, an .American, 
became managing director for 
secondary chemicals. 


Agfa-Gevaert N.V. 

: 

sidb^^aiyof 

Bayer AG 


Bas acqidred appn»dmate!y 69% 
b£ the anxmian sioeik o£ 


Compugraphic Corporation 



INTL; COMPANIES & FINAIN^SSS 


Deutscae BP sudes 


BY KEVIN DOra IN HAMBURG 

DEUTSCHE BP, the West' Ger- ( 
man subsidiary of. ^tish ( 
Petroleum, shimped deeply -into i 
losses last year with an!^ aftei^ s 
tax deficit of DM-25to ($109m) 


ff^n and Venc 2 nela 2 i deS^ 
eries' to a share of around TO 
per cent of its total* tfode -oil 
supplies. 


tile 24m tonnes ' avail^ife . br turn, 

1978- • • . 

in. • addition to oneasures. DIC 97m in 1980: 
alTwaify axmooniKd ibr peiina* .TSbe;-'cbm^ 


tax deficit of DM- 258m ($109m) . Iiast year .Deutsdie BP took nent dosores, the company'wd 

compared with tiie small profit 27 per cent of its crude needs yesterday that it h tmnpo^nly 
of DM 13m achieved in 1980. of 13.9m tonnes from tiie North do^iteiemaB^ 6 m toa™ 

Tbe deficit was k^it within .Sea thronSi BP. a further 51 capacity in’ DinslaKen, ™ 

•these bounds only through the per cent ih>m fl>e Middle East Ruhrre^on, Jt(> m Monday, wim Bayer, 

release of provisions to tallin g and 22 per cent from Africa year the'eompany ptoce^y 

DM 280x12 set aside In 1979 and Abort 29 per cent of its tfi ' tonnes of crude c^ia^ed^^ pans^ot 

1980. The company may be nids was purchased as TBfinrt ifim. tonnes in 19^ ,;tii«(r JflW . .-y. 

ftrced to call upon its parent ofl prodacis. but this year. wia. at 3 «st ^ per ceatt 

for fresh capital later this year, the attraction rt ^pnesed spot Oil saKS;drppped^-l5 p» \^^iaiB«mTefl teT)M*affltatonk- 
■ Deutsche BP. is poshing market prices; tiie ' ewnpany- cert to l?i 8 mtooB» from ^2m.- 

ahead with its- stritegy of de- plans to btw as much as 50 per tonnes in 1980. and 

velo^Dg own erode odi supply cent of its oH needs as pnktects berg 5 aM''yoiane‘“Saie 8 :; fi rtyta - -taftfe^vaeiap.jSoss^ 
sources independently • of the with oi^ 50 per cent (iomjhg likely t^dedine - 

BP parent,’and it is taking first as crude for procesang in its around ISm •toniMirn.JSS. ™ vPr^ from, . flcanties. 

deliveries .of crude from Iwth refineries. '..s a™s to 

Venezuela and Mexico later this It is pressing - on with at around tqan^^ J.^. • ... 

year under new supply con- rigorous measures to cot loss- Its share of the W^;;!?Bnnan • t^d. trara^detorito^ 

traciis. mal^ refinery operations to oil . products market dropped to; of tet yeartoto®?^ 

Dr ■ Helmath Boddeaherg, West Germany and by the end • 17 per ^ from 31 perc^t % BP .to .cttt .C3tBig;:.in«Bft«srts. • 

chief executive, said the com- of 1982 will have reduced 1979. After toe teJ™: of pn^,Jg-.,17.pw,^ 
pany was aiming to build Mexi- capacity to 14m tonnes, from visions nrt.lo^ tm.i»(®^ 1H£ 20m; 


capacity to 14m tonnes, from visions net i^ w 


Exports boost Daimler- 


new 


0^ 


BY OUR PRANKRJRT CORRESPONDENT 

DAIMLER-BENZ, the West Ger- of 4.3 per cent to' 72,849 units dropped -15.4- |ierv cut ft . 
man /»ar anri m min eiici a i ID its foreign Commercial .148,558,- , ' .. . .*'J 

manufacturer. boMted group vehiries. maanfacturing opera- - Daimler-Benz increased .car. 
sales by 17.9 per cent last year tions despite - serious setiKteks prodaction by 12,700 vnbiioi^-;: 


A B7£B‘ pro 

dbansjes->! '.dn'tv'JSte'iir.Jwpw^ 


to DM 36.6bn (815.5bn). De- in Braal and Argentina. to 440,778 unSCt 

mand from foreign mmkets. In Brazil, where the;tnick strong ^zjwrt sales.:^ 

particularly for heavy trucks market- .collapsed, in- the second- basis car-.output nose ty 3.5 pex ^i>»i4 aaTr ^>^ririttoi-'iT ^^ 


&(Hn tbe iffiddle and ]^r half of 19SL pro- cert - _ -j Vj 

helped to compensate lor falling 


domestic sales. 


pared irito 60,030 in 29S0, a 


a 1980. a per cent to BOOiOOO- vdWclesfr- ^ 

per cent ’ -wlule sales in the iwme mart»t . 

arodnetion droDoed to 2SaOOO irem 24L00ft . 


In a letter to shmrebolders, fall of n^ly 19 


oiKc- tiie . -i^ 
designed, -to.. 


year on a comparaMe basis with units. 4 per. - cent . , Daiml^^ . AaMgTMM^ tt 

1980. Last year the group COD- Commerdal vehicSe produc- managed to raise ito- siuro,®* 
soUdated for the first time its tkm worldwide shofwed a ftU of tiie home market mar^^, ft, 
production interests in Spain, only L4 per cenf to 268225 lOfi per cent fPom IpT per 
Mercedes-Benz Espana, with vehicles. - OveraD emmnercial a yeu'-efi-lier. 


sales of DM 500m, and also 
included its new acquisition in 


vehicle exports from West Ger- 
many rose by 4.4 per cent to 


the UB., Freightliner, wltii sales 12L510 units, while home sales 
of DM 600m, for the period slumped by 20 per cent to 
Ausust-December. 68,588 vehicles. Total new com- 


Ausust-December. 68,588 vehicles. Total new com- Gronp eapitel mvestmert -rose. 

These moves MlowedDumler-' mercial vehicle regutrafions in to DM 2Bbn fromJBC 2,}ba In 
to show an overaU increase the Federal Republic last year 1980. v ■ <. 


. : Ifte. ^ ;oom 

• ^ toe uA, -tite grottp *4 

in^KOtant foiei^* market,-- -CftTr: ^ 

"sales rose by T7. per -r^-The. jaat lijni^i^tVjaiQpps& , 

68.000 vehieles. r! -v .- ' ' :to: tbat ;toe pri^e 

Gronp eapitel tovestinent -rose ‘lisniteA; ■pOBijpefltete .jure 
to DM 2.5bn from Jac 2.1bn In. . 

1980. ' r , l 

; • ■bei^'Bning of . > 

m n€llVi3ln ' -roeef/ f total -of maize '^an 
"ll€lJ.-?.VrtB. W^iZfiSOL 5^81.2^; .-toiBUal 

. . ■/-» -s,- s^.-i .toai-' 50.i-emidft(MSr;#^> two'. 

in Sentmnber' and " toe unfer. mdespenoert-’.aatonntaiits 'from' 
peetedly apprechtfron -bit- -ti^mi^e.-Of .T985. . : .. 

- • ' ^ '• • ••- ^^te:.propo6iidS;-wai.-bzd^-tIie . 


r|(^;-..'fienian. 

^AlbafiBdranm: 


AGA profits more than h^yed 

BY W1LL4AMDUUJFORCE, NORDIC EDITOR. !N STOCKHOLM : “I : V V - 


PROFITS AT AGA, the Swedish for last y^'s share ii 
industrial gas and heat - Sales climbed by 13 
engineering group, more than to a little more than 
halved to SKr 155m (827m) ($877m) last year. Gas 
before tax for 1981 from rose by 20 per cent to 
SKr 350m in 1980. after SKr2.95bn and toe operating 
SKr 190m of currency losses. profit was improved -by 45 per 
Before these losses and other cent to SKr 469m. Growth was 
extraordinary items, gronp particulariy strong in the U.S., 
earnings reached SKr 365m, or where AGA bought a gas com- 
almost the same • as the- pany. Burdox. in 1978. 

SKr 368m posted in the previous Frigoscamlia^ the ref 
year. tinnsport subsidiaxy, o 

As the bulk of AGA‘s busi- -increase sales by 4 pe 
ness is abroad, tbe management SKr 985m - and - ita . operating 
expects the currency losses will ' profit sunk from SKr film to 
be recovered over toe next two SKr 23m, Operating Income 
years. The board proposes a from Pharos, the em ‘ 
dividend of SKr 7.75 a share, company, slipped from 
representing an increase of to SExSOm. 
around SKr 0.75 after adjusting The currency lossei 


for last year's share issue. 'by tlie devididatioii.of toe lonca 
S^es climbed by 13 per cent ■ in Septemi^' and ' ithe 'wesi 
to a little more than SKrSba peetedly b^~ appreciittion b£- 
($877m) last year. Gas turnover the .d(Siaf,' vrare' siibstantidUy^ 


higher 


SKz 70m ; hilo.-liae.i w4tb iher ;AG, 


expected to tiie-half-year zepjort : OP : 

The mfrnagwnffTit has jricl nried t stO(dt- - toipera'tiontf.- -What.: IS 
all tile nnre^Lised'loffles--i& -the. ^toUh^lK-bostoessis.rfM'-'ex^ 
1981 accounts. : ; ' sitei rt 

toe -Brussels: dtosetivie. to. to- 


French hitch 
on DSM plant 

By Charles Batdielor 
in Amsterdam 

DSM, the Dutch state-owned 
chemicals group, has run into 
difficulties with its plan to build 
a FFr 400ffl ($66m) fertiliser 
plant in France. The French 
authorities are unwilling- to 
grant a permit for construction 
of the 300.000-tonne plant at 
Gouaiz. south-east of Paris, but 
would be willing to approve a 
plant near La Rochelle, on the 
west coast, DSM has been told 
unofficialLv. 

DSU*s fertiliser subsidiary, 
Unie van Kunstmestfabrieken 
fUKF), said La Rochelle would 
be a much less convenient loca- 
tion for its planned nitric acid 
and ammonium nitrate planL i 
Gouaix is in the main French I 
grain growing region and 
nearer to the Netherlands, from 
where UKF plans to supply 
ammonia for the plant. The 
Dutch company already has a 
smaller plant at Gouaix. 

The French had suggested La 
Rochelle because of their policy 


particuiariy strong in the U.S., 1981 accounts. : 

where AGA bought a gas com- . Despite toe.r-Sotbacte-vrto the Bruss ^ to to. ntt- 
- pany. Buidox. in 1978. Frigosrondia and- Pharos, ;grb(u^ 

Frigoscamlia^ -the refrigerated operating profit advanced fTOin ^ rorm of Kimtieia 
transport subsidiaxy, could only SKr 4® to SKr 535rt^ « toR pec tfllar to .Gern^. .Co- 
■increase sales by 4 per cent to fmanevat^. - --cteages:--— 

SKr 985m and - itB - operating sharply,: 'by -SRr^TSm • to. .1^ toPPrimg. Togjare-r 

profit sunk from SKrfiim to SKr’lTSrt as a -xeKtot^of, tfifr ; o**: 

5l6r23m. Operating income high interest rates -hud r tor Juerg^ Scamui^ toe- 

from Pharos, toe engineering creased borrowing to touitoa^to- 

company, supped from SKr 63m anftitibtis tovestoent-'- ^proK h® ttos n^. .rogumti^ 

to SKr 50m. ‘ . gramme of SKr B6poi“i iw in i^ee^ ‘ih^.propdr- 

The -currency losses caused- toe ye^ 198284- tift fc/.y f GmbH and GmbH Md 

Go'KG inaplveatoie^ 

. .to 'h]iore.:ti)an a .> quarter -4ast 
year ft a ' pqsf^^^ 

:-il,6()0. .. (Sempsniek -have - totei 7- 
assur^ toait toe new eccorat^' 
tog ' wiU.-iibt:' affect their-: tabt 
-positipift:.; , V 

:.-'Even ro,- <tim: B^. iftnoot 
expeet'ah. easy:jfassage. -'Busz-' 
ness orsftusations say.-that!'toe 
totin^iOD c|f .toe*GsftH-^a&£'C^ 

• , . KGr -itoi(£:'.'jffe- pr^omtoiEffitly 

MR NILS AAStJNG, Sweden's . Government would nay SKr 2bn malt and, - AAn , 

Minister of Industry, has un- of. tiiis sum . by buying from -panies, -. .would ' imnosfk - - an 


Swedish Govewin^t idM 
to break u« Statsforet^ ; 


BY OUR 140R01C EDITOR IN. STOCKHOLM ' 


Minister of Industry, has un- of. this sue 
veiled a tugMy controversial StatsfSretag 


plan to break- up StatsfCretag,. group of compantos and setitog rnoste.** 


ProroititoT^iiftri^fte ilnzrdha of.^tiew 


the state holding company, toem up 
Statsfbretag controls, about 30 goods uz 
companies with s combined Mitestzy. 
turnover of more than SKr 14bn 
(S3.45bn). 


Mr Kari-Axel Uuderoth, 
chairman of the state group, 
who had been demgnated to 


replace the retiring managing profit derived from toe tobacco- 


director. 


reigned last month after betog saft it -would consider . selling 
given advance notice of Mr some Procordia companies to 


Aasling's intentions. The Social 
Democrat opposition parft has 
already expressed its. hostility 
to tbe reorganisatioiL 

Some of Stats£5retag*$' hea^ 
industrial units, roch as LRAB. 
the iron mining company, and 
ASSI. tbe pulp, paper and board 
company, are in deep troubleL. 
Since 1976 the Government: has 


toem up as a separate consxmer :rhe’ Federation':-.of Gezw 
goods unit, directly under the .Inditstry (BDIT aaid yfttad» 
Ministry., .. . ; It;:wiiU,iPotoli»- aJ7 

Procordia is the most profit- to. ihe.^ 

aWe part of toe group: Jt 2®. House; : against- .toe 

posted earnings of .0(r .3Oto 

.on a'SKr 1.3bn turoov^-in. _ 

1980. About 90 per cent of the Vaoli fn nta''^ 

profit deriv^ from toe ^jbaceo- • ^ . M •, ’ - 

company. The GovMnment has 

saft it would considm* selling X r 611 Cfl. OPSuOOt 
some Procordia companies to ■ • « 1; - » • ■ • 

private enterprise.' ‘ ‘ 

- Motor. ladMtiy .Cbmaibndeft.- 
ASSI, the forest inoducte. - . ^ i- ; 

company which is. expected to' 

SKr 600m for wn^alro- -tibu in Prance'^'S 
he taken out pf^atsfBret^ expects to appoint 30 
and given SKr -ton. in freto' 'd^aierii'in tKa"Ai,^:''naav a 


SkOld. company. The Gov^nment has 


private entezprirt' 

. ASSI, the forost products 
company which is. expected tq 
report . ia loss .-of : arooiid 


of directing new industrv to the -puniped about SKr I3bn .tote 
les.s developed regions'. TTI^ StatsfOretag, according . to 
said. The Dutch suspect, how- Industry Ministry estimates, and 
ever, that this may also be an requires a further 

attempt to protect tbe Freueb SKr 3bn. 
fertiliser’ producers. Under Mr Aasling’s piiui the 


ThetmdenSffiedt^iMedihisiransa^ottandBaedas 

jhimiddaioiSorUtCmpusmpJdeCorpora^ 


Kidder, Peabody 


capitaL Its . operations wbdld 
^entually be co-mtitoated with 
those of -NCB. ; to® north, . 
Swedish co-operative . pulp . and 
paper iedneerh. - in whicii the 
Government had -to take a ec^.: 
trolling interest and' Domfi^ 
veriest, toe profitable 
forest company. ' . 


deaieto.'in. toe fiTrt :year»-«ito.^ 
long-term tar^ of 69 ftW- 
The : Iftles is 

ar 
to 
£t 
io. 

m 

m 


KRUNG THAI 
(CAYMAN) UMfTEO 
U.S525.O0Q.QOO 
Guaranteed Floating 
-Rate Nates due 1984 
Guaranteed by 
Krung Thai Bank United 
In accordance with the Dro- 
visions of the Notes notice Is 
hereby given that the Rate of 
Interest for the next Interest 
Period has been fixed at 
per annum. The Coupon Amount 
of U.S.$9i50 will be pa^ble on 
17th August. 1962 against the 
surrender of Coupon No. 4. 

12th February. 1982 
PtouhcUinra Hanover Limited 
Agent Bank 




THE PHILIPPIHE 
INVESTMEHT COMPANY SJL 

Net Asset Value as of 
•Jananafy3L1982 
U,S.$6.53 

Usnd Lunmbeure 8 'todc Exchange 
Agent! 

Banaue General du Luxmibourg 
Investment Bankers: 

Manila PaeiSe SaeurhiH, SA 





BY jM IN JOHANNESBURG 


C^B^ANIES '‘&: : f INANGE 


Bank lifts interi 

r{*3^-^«4 W by JM JMIES IN JOHANNESBURG 

^ effect on profits for the characterised by 

fiVBB- OGMiSAL BAKK'-flf file' “*^ -*flJ£est ba^ has disclosed half year. iSiis was likely to .of nnmey, whk 
>:-EliJillBirfiies ^McreWMefier-taa: profit of coatiinie they said, until the earnings. The b 

Jhiitt 'e£'424hn «B fite'-dHia- ™-y (eia^m) for the sis portfolio had been reduced to ever, that this r 
iL'W^s fOEBign -honmidiig' for «“«*« December- 31, a level at. which a. xeasonable rates had been 

.ii,lfils yeanJnain!eve.lBteiiaea : P ^ conrespiadutg ratorn could be obtahied. that hire purcha 

. Tffoieaae; fiie.buden atfnGBrest a£ter-tas However. Trust Buik has eontraols had b« 

' hriantt .<rf iNCfui^uts. ji. l 2.5ip tn the been granted at taeferen- i.escalation da 

tteeame as .30, 1381, ttal rat^ by the Soufii Jirican cushiMied the <ra 

** y lyt yg> =when, . - -. Reserve Bank, which sHow it .Bites. 

3rbe«M, fMelga bornn^^ to weather the problems of poor After . prefers] 

.rrJOBeadBd-thelttipetbylTdOnL •*»^ T^BankdoeB-not-d^ property performance. attributable prtrf 

:. . ..>W .»«5«;^^^eiits.lasc <a«e _ prafiis. fully and makes This is tied-.to an agreemeii Of this, R12,5m v 

■ • i€ ^«w -.lv^. PCT cent of' 'wsiisfeiis <to and £vodi ludden that o^inanr dividend pay* to i^sekised kos( 

■,.- m caunW MM twclgmat- :- ■ .■ meats wai not resume raua year lo June a 

2.: dno«e receipts, agafa^ ig Bfeectots said the 4Mak^s pro- 1985, was transferred 

petty portfolio still had a nega- The past six months were reserves. 

; year'’velOT^' so nemting .-Oie 

: offidlQ 'Hinlt of 20 per cent. — — 

; Apintt - fii^ ^ ^ 

Edgars boosts profits by 35 

' JOHANNBBURG CORRESPONDENT 

. ®5Jars tlw South Edgars, a cdothlng and soft managed by tl 

and fiiw ere to be Thstninte Amcan retail chain wh4eh- last goods chain, offering credit creased by three 
OB nuiBirlfiee and interest of a facilities, and the Jet chain, half-year while tt 

’“Tirffff ' ■ • •-• ' . .-nivraned ' bid from goutii which operates in a lower was increased by 

ifhig y??.4bW' fumr 'African Brei^ries, increased market sector, contributed most metres to 380,00 

r.-^SUb&ls^tD be in4Iie form of ^®£2]^ Proft ^ 35 per cent to the interim profit and turn- intended to ad 

dsoun^fM^ - »«■"« :where ^-7110 .($40.3 di) in the 28 over advances. The Ackeripans 10.000 sq m 

be. giveu to ex- V) Jamuiy 9. In the half clothing store group, which was . An intmim div 

s^nort ftri j it y . Tbo vremdn^ operat- acquired last- November for has been deelan 

h^slbB'WSnibe in tiie'fbna^ ing.'-'pFofit was. K29.4m; while in R30m, contributed a small net half earaings pei 

■ • J»»ly 11, 1981. surplus which has not been in- last ywr the int 

.^.--than-^lBi^yeais, - I <trwas S57.3 iiil ciuded in the interim figures, was R2i)5 and. ea 


TRUST 'BANK, South Affix's 
fifth Jaigest bank, has disclosed 
an iacteased efieriitax profit of 
R15.1m (815,3m) for 4he' six 
n»ifflth s endM JPeeember- 31, 
1S8L . In fim correspiuidutg 
-poiiod' . in 1980, fiie after-tw* 
.profit, was Rl2.5m ahfl hi fiie 
year.^eiMled June 30, 1381. 

^-Unlike «&er Sou& Africa 
‘bankSi'^mist Bank dbee-ndt-dK- 
blase profim fully end 
^■tnansfecs <to and from ludden 

reserves. •- 

-Directors said the 4iank’s pro* 
penty pottfoUo still Ind a nega- 


tive ^eot on profits for the 
half year. This was likely to 
contihiM they said, ninHi the 
portfolio had been reduced <tio 
a level at. which a. xeasonable 
reitiTm could be obtahied. 

However. Trust Bmik has 
been granted loans at {oeferen- 
ttal rat^.. by the Soi^ African 
Reserve Bank, which aHow it 
to weather ithe problems of poor 
property performance. 

This IS tied- to an agreement 
that orilinary dividend pay- 
meats -will not resume ito^ 
1985, 

The past six months were 


chaiatterteed by ihe ri^ng cost 
of money, wUdi etmttrained 
earnings. The bank said how^ 
ever, tiiat this rise in wfterest 
rates had been foxeseen and 
that hire purriiase mid (lending 
• cmitra<^ hod been written with 
'..escalation . clauses, .which 
. eushiiMied the dnipaiot. of rising 
.E^es. 

After preference dividends, 
attributable profit -was Ris fip*. 
. Of <tl^ R12,5m was transferred 
(o (hsclosed reserves. Bi the 
year lo June 30. R2Im 
was transferred to disclosed 
reserves. 


Edgars boosts profits by 35% 


BY OUR JOHANNESBURG CORRESPONDENT 


•V. 

• . * * " it 


. i JlYestmeiit 

fl^ri^^head 

\By ISeoi^e; Lm m Singapore 

IV-CEZVERAL ^ECURFIXES bi- 
.. 9.' .Vesbneats, -a major Singapore 
.. e'-Htoed~' end. .investment -trust, 
*v^has. reported n 19.5 per cent 
'T^rise .hi ' pretax :^ofit to 
:Ls.S83A3m{3L62m) fOE fhe year 
r .l5 ttiddl.rteeeinher .198t. . 

Gri^ post-tax proU 'went 
e^hp>'.by ITJI per . cent to 

■ Ic;.-....Hiicli.'of ..fiie inyiovement 
. r.vame 'front sedscOies trading 
- . 6 prints -:a3id' income . from 
nnderwiifing and -ffiscoimting 
: of ■ bills '.reettv^le. ' 

' :Seenritiei trading inemne 
went- up by 90- per cent to 
e.'ISOTdfidlOO, vriille-liieome frour 
: ; .r-.-undbraitting and- discounting 
fh:at bills reemvable went-fT«a 
• » lero to S$^20,000. 
r.-t.-’.-Hte group has declared a 
t.*’ffarst aaod flnail ^rqss dividend 
. of 5 per cent 

6l . • ■ : .-' • 

Ri.. ■ . 


1»V 

Ot Fearfi'tlUiAlor . Jl.’-.'- S'. 

ts8«vimi« c*«<-' .SSpnm 

je^at pioSw* - 

par abu«*' o-sz 

YMr • • 

■ biROvanUB IJTbn 

9'Nat prefia* .,...~.i...iM' .B7.a5in 

pM- Shan'* '. . -ZSS. 

K-. .• •■oparidnv-' . . 



ft iANCHOB HOCKING ■ . 

^ ^ 180- 
- • Foitrtfi qmriar 5 . 


EDGARS STORES, the South 
African retail chain whieh-last 
week . was the subject of a 
.thwarted bid from Soutti 
African Breweries, increased 
operating profit by 35 per cent 
to R39.7m .($40.3 di) in the 28 
weeks to Jamuiy 9. In the half 
y^ to January 3. 1981. operat- 
ing-profit was . R29.4m; while in 
-the 58 weeks to July. 11, 1981. 
•it^as B57.3iin. 

'.Turnover, in the- latest half 
year was R255.5m, 31 per cent 
hi^er than the corresponding 
figure of R194.6m in 1980-81. 


Edgars, a dothlng and soft 
goods chain, offering credit 
facilities, and the Jet chain, 
which operates in a lower 
market sector, contributed most 
to the interim profit and turn- 
over advances. The Ackeripans 
clothing store group, which was . 
acquired last- November for 
R30m, contributed a small net 
surplus which has not been in- 
cluded in the interim figui^ 
Its r^its-will be incorporated 
at the end of the current finan- 
cial period. - 

The number of stores 


managed by the group in- 
creased by three to 416 in -^e 
half-year while the trading area 
was increased by 30,000 square 
metres to 380,000 'sq m. It is 
intended to add n further 
10.000 sq m 

An intoim dividend of R2.70 
has been declared from first- 
half earnings per share of R9. 
Last yttir the interim dividend 
was R2i)5 and. earnings R6.68 a 
share. The year to July 11. 1981, 
resulted in an earnings total of 
R12.89 and a total dividend 
payment of R5.70. 


Plans for HK financial 
futures market due soon 


PROPOSALS to establish a 
financial futures market in 
Hong Kong should be ready by 
this summer acco^ng to Bfr 
Peter Scalto' cEatrman' or the 
Hong Kong Commodity Ex- 
change (HKCE). - 

Subject to Govet^ttit accept- 
ance kod legislative ' approval 
the market eouM be set up by 
the time the London financial 
.futor^ market is due to. get 
'ui^tf' ytsy in September he 
saM. : 

Tire .formation of a workihg 
^aity- 'to ttudy establishment 
of a fiTranwai fubifes sicrket in 
Hong Kong was. announced last 
September^ 

' Tims the period between its 
establisSunent 'and ihe possible ' 


implementation of its proposals 
will have been substantially less 
than that taken in. tiie UK 
where a working ,par^ for that 
market was set up* tn April 1980.- 

But Mr Scales pointed out 
that the v^rking. party .in. the 
colony had had extensive ‘ and 
regular contact with the -UK 
finandri futures steering com- 
mittee whose formula was 
being looked at as a model. 

'When the exchange is func- 
tioning currency contracts are 
likely to be propo^ for those 
units most widely 'traded in the 
colony's foreign exchange mar^ 
ket incmcmig tiie US. dollar, 
the yen, the D-mark, sterling 
and the Swiss &anc. 

Reuter 


NORTH AMERICAN QUARTERLY RESULTS 


. CCHrilNGNTAt TB^>HONE ■ . 


Fourth quamr S S 

fiaventis :i. "tt2.6m 336.6m 

•HbI 40.1111 32.1m 

Not ptr BtiBrS On4 0.55 


^ . ruuiui ifMiWVH 

^tevanuB 

' Nat piofita 

]*'Nn per Shan 
•fi .Yaar • 

a iRamilB 

.Jlat prafita 
'.O^Nat par shara 


,;jWVW lAPUgOMES 


Fourth quvtar 
Rpvanaa 


-24S.0m: 

11 . 2 )n 

. 1.10 


' Nat prafita 
ICVIn.per share .... 


^avapiia' J...'..... 

‘^Nat prefits ......... 

.5Nst-lpar. shara .... 


Fourth quartar -, 

Rayanus 

Nat 'Profits ...j;. 

Nat''por share 

. -Yaar 

Ravapoa - 

Nat jreflta .......... 

Nar per sharp 


s $ 

: IlC.SSm 127.Sm 
. 721,000’ ' S.T7cii 
'OJOe 0.72 


. 496.14m 428.85m 
, , 12j42rn 7.59m 
.1.64 032 


' S 5 

97.5m 92.4m 
en4m ' 7.67m. 

one ... 0A2 

'ilD6.3m 390l8m 
36.32m 2Snm 
3J8 2.76 


Revsn'ua'' 

Nat prefiu ... 
Nat per shMp 


Fourth qaamr 
Rovanui u....~. 

Nat proTiw- 
. Nat par'sfaare ••• 
Y*»r - 
Ravanua ......... 

Net pratha 
Nat par ahare ... 


EATON CORP. 


Pourtfi 'quartar ' 

AavaniW' 

Nat proAta 
Net'par ahare ... 
Yaarr 

Ravanua 

Nat pnfha 

Nat par .share 


129bir 

..u.. 143;9rn 122nm 
224 .2^9 


1981 1980 

■$ S 
74.4rn ' 71.4m 
16.S6m 15.87m 
322 ino 

27B.9m 220.9m 
K.31m 39.15m 
17.99 4.75 


'1991 ' 1980 
9. ' S ■ 
7B4.6ni 775.5m 
20L35m 21J8m 
0.74 0.81 

3,1?bn S.IBbn 
82.37m 115.79m 
3m A3S 


GALVESTON-HOUSTON 


Fourth quarter ' S 

RavsnuB B2.1 

Net prafiW 6.33 

Nat per share 1. 

Yhar 

.Revenue 221.7 

Nat profits 22.6 

Net par share 3.1 


. GENUINE PARTS COMPANY 


Israeli solar 
group 
seeks cash 

.. Bjr L Daniel in. Tel Aviv 

LUZ, the Jerusalem-based com- 
pany which' has develojped a 
solar process for producing io- 
dustrial steam using oii-fllled 
pipes, intends to raise 83.5m 
through a private placement in 
the U.S. and is planning to float 
a public issue in about a year’s 
time of 825m to ^m. 

The company does not sell its 
equipment, but installs it at 
industrial plants which pay for 
the steam used at a rate 10 
per cent below the cost of pro- 
ducing such steam with conven- 
tional fuel. It has two big 
orders In Israel but sees the 
U.S. as its main market. 


MAPCO 


221.7m 145.9m. 
22.6m 10.6ffl- 


Fourth quarter 

Ravanua 

Nat prafita 

Net par ahara 

Tear 

Ravanus' 

Net profits 

Nat par share 


Fourth quarter 

Ravanua 

Nat- profits 

Year 

Ravanus 

Net profits 

Ite par share .... 


- s s 

377.3m 353.3m 
21.2m 19.2m 
0.76 0.10 

1.S8bn 1.43bn 
773m 67.8m 

230 2.46 


1991 1980 

CS CS 

128.7m 128.2m 
3.3Sm 532m 

542.2n‘ 493.1m 
18.97m 1433m 
7.34 5.73 


Fourth quarter 

Ravanua 

Nat profits 

Nat par share 

- Yaar • 

Revenue 

Nat prafiia" 

Nat per sham 


. MALLINCKRODT 


Fourth quarter 

Ravanua 

Net profits 

Nat per share 

Year 

Revenue 

Net profit! '. 

Nat psr share 


MANV111E CORP. 


Fourth quartar 

Ravanua 

Net prefiu 

Net per share 

Year 

Ravanua 

Nat profits 

Net per share 


Fourth quartar 

Ravanua ' 

Nat praflu 
■Nat i»r shara .i~. 
Yaai- 

Ravenue 

Net profits ........ 

Nat par share ..... 


1991 
S $ 

7123m 639.5m 
,86.4m 81.5m 

. 1.14 yn 

2.77bn 

374.5m 342J)m 
. . 4.93 432 


CLUSrr PEABODY 


, .. Eotnth quarter 
‘-Ravanua 

■Nat 'profits 

;jlBe.par sham 

Year 

. Nht-.i^r ahare ....... 

Nat. profits ... 

Ravande. I..... 


INTERNORTH 


' Fourth quarter 

Ravanus 

Nat profits 

Nat par share ...... 

'Year 

Ravanua 

Net profits 

Nat'^r ahSra 


MeGRAW-EDISON 


1991 9990 

S ' 9 

1.03bn 907.5m 
57.9m 42.6m 
1.30 0.94 

3.66bn 3.04bn 
243.1m 211.7m 
5.43 ' 4.70 


Hiinf quartar 

Revenue 

Net profits 

Net par shara .. 

Nina months 

Revenue 

Net prafita 

Nat par share ... 


564.7m 532.8m 
31.1m 25.3m 
1.13 1.06 

2.18bn~ 1.76bn 
96.9m 122.2m 
331 ' 4.48 


1991 1980 

- S 9 
123.7m 113.0m 
1031m 9.64m 
0.71 0.68 

494.4m 4413m 
39.7m 38.0m 
2.79 235 


5Z7^m SSO.lm 
19.44m 25.33m 
0.56 034 

2.19bn 237bn 
B032m 80.B4m 
133 2.47 


1961-62 199031 
CS CS 

446.9m 401.9m 
11.3m 9.35m 
0.80 o.es 

lAIbn 1.24bn 
47.39ih -36.25m 
3.36 2.58 


MOTOROLA 


s s 
268:Om 489.7m 
'433m 335ra 

;.D.47 038 

818.1m 733.4m 
213m ' 15.6m 
2.25 1.60 


Fourth qiartar » , 9 

Ravanua 1,13bh ■ 837.Dm 

Nat-pisflu* 39.4Tin 30.53m 

NM' par -ahare*. 031 0.54 

Year •• 

Ravanua- 3.91bn 3.2bn 

' Fourth quartar $ $ i 

Ravanua- 628.4m 6893m 

Nat prefits 22.1m 17.6m 

Nat per tiiare 133 139 

Year 

Fourth quarter . • S $ 

Revenue 867.3m 79B.9m 

Net prafita 41.7m 49.1m 

Nat par ahaia ; 132 1.S7 

Yaar 

Nai prefits* 14736m 108.9m 

Nat par- ahara* 337' 2.30 

•.* Operating. 

Net profita. ...'. 84.1m 513m 

Net par share 5.11 . 3.12 

Nat profits 175.0m 186.1m 

Net par shara 5.tt 




1 


^n^aanouneementappearsuxsamaUerofrwordonfy. 
-jjigifyteswerei^er^andsoUioutBidetlteUrutedStaiesof America 

$140,000,000 

Caterpillar Financial Services N.V . 

Zero Gouj^h Guaranteed Notes, due February li, 1994 

' UncondidobanyGa^^ 

. Caterpillar Tractor Co. 

19-9409& and Accraed Amortization of Oiig^ Issue 
Discount (if any) from February 11, 1982- 

Sachs Corp. 

i : T^ltiwaw Byotliegg Kiihn Loeb IntemationaJ. Ina 

MeniU Lynch Intenmtioiial & Co. 

Hrewa|«a> Ttr»iTiJl« S A. ^ Baiiqiie Natioiwle dc PSaiis 

- : - " ' : . CredkSirisseFiKt Boston 

Dr^^i(^;BaiikAfcti^esei^^ Rabobank Nederland 

Sbd^ G^eride de Banqne Bank of Svdtzerland (Seciriities) l^ted 

Ya mf»*^hi ^Wteniatimial (Enropc) Ijmited 



appiQximtdy 69% the outstanding common Stock of 


&mpugraphic Cbiporation 


itnder^gned acted as;pnamdadi>Jsor to Agfa-GeeaertK']^ 
oikiasDealerMaaagerpfitsiettderoffen 


The Filst Boston Cbipofation ^ 

QecKtlSmsseFiik Bos^ 

Fdirnaiy^, - 


ThaamomeoaixieippaastBanuata-tfrea^ 


FArua^lSBi 


Nichimen Co*, Ltd 

■ (NkhimmJilS4gyoKa^ 


U.S. $15,000,000 

Convertilde Bonds 1997 


ISSUE PRICE lOQi^b 


Daiwa Europe limited 


Sanwa Bank (Underwriters) limited 


AbMal Group Commerzbank AMengesdI.scliaft, 

Cifrlit Lyonnais Kleluwort, Benson limited 

Kuwait International Investment Co. s.aic. Lloyds Bank International limited 
J. Heniy Schroder Wagg & Co. limited 


Tfds anmmneetnent appears as a matter (^record only. 
^fieNotesaeret^eredandsoldoutsidetheUaited^ates^America 

$300,000,000 

Caterpillar Financial Services N.V. 

Zero Coupon Guaranteed Notes, due August 11, 1992 

. UhcyndMonally C narawff^ jby ' ' . 

Caterpillar Tractor Co. 

Offerimf Price 24% and Accrued Amortizarion of Qr tginrel T ssne 
Discount ^ giny) frbm'Fehniary 11, 1982 

Goldman Sachs Inteniational Corp.. . .. 

Lehman Brolhei^ Ki^Loeb'lh^^ 

Memfl Lynch Interaational & Co. 
BanqiieBtii«!l«sImnbertSA. Banquellationalede Paris 

BanJays Bank Group ,C«dit Suisse First Boston Limited 

DresdnerBankAktieiiiresrils(dliaft Kuwait Foreign Tradii^ ' 

' Cwitrapting&tivest^ 

Societe Generale de Banque SA. Unioa Bank of Switzerland (Securities) T 

Yamaicbi International (Europe) Limited 


"Rbrc ai yl2^‘l:^ 


















30 


Gcn^anles and markets 


NEW YORK 


AGP indushies...] 35U 

AMF..„ 1 aasj 

AMir.tl ‘ 3 I 9 

ARA I 25 

AEA 3gia 

AV;<Ccfp 131a 

AfcbciLabs 1 SS?a 

A^meCleve ' 22in 

Aaobe Oil & Ges.| 20^ 
Advanced Micra.i 17ia 
Aetna Life & Gas 45iq 
Ah.-nanaon iH.P.i. iOia 
Air Prod & Chem S47a 
A’cona lOis 


CofutnblaGas.-. ' 295 a 
j Columbia Piet..., 
j Combined Int.....: sm 
I Cembustn. Eng..: 31 
: CmwIth.Ediwn. 20i< 
I Comm. Satelite~; 6 ise 


Comp. Science-; I3i< 

, Cone Milfe. < 89ie 

Conn Gen. Inn....; SOU 

Conrac 8 S>i 

I Cons. Edison [ 38U 

I Cons. Foods. ! 3S7g 


A'i;any lot 

iSbi 

85% 

Con.NaLQaa 

49% 

niberte Cuhr. 

13% 

18% 

Conumer Power 

16% 

Alisertseii'A 

26% 

26% 

Cont. Air Lines.., 

4 

Alca.-t Allmlniumi 

19% 

19 

ContL Corp 

8STa r 

Atco Siinden!. 

81% 

19% 

Conti. Group ■ 

89% 1 

Alcxar.derftAI...! 

37% 

28 

Cent IHienls ' 

33% 1 

Aie^henymti......' 

87% 

S7 

ContL Taieo. ' 

25% ; 

A'ii^d Coro 

40 . 

40 

Control Data 

33% i 

A^ii-id Stores. 

26% 

26 



All vChalmers...; 

13% 

13% 



Aloha Portd ! 

IIU 

111a 




Cooper Inds ; 45^ 


Alcoa S3 

Amal. Sugar 47sg 

Amax 38i< 

AmdahICorp 26l< 

An;srada Hess.... 19^4 

Atn. Airlines 11 

Am. Brands.. . , 57ss 
Am. Breadcast'g 3353 

Am. Can 29!i 

Am. Cyanamid .. S7<s 


Am. Elect. Powr. tSU 


Am. Express 


9T3 9 Tg 

Copperweid.......| 33ls j 5394 

Coming Glass.—: 447s 44 I 4 

Corroon Black. ..j 19Tg , SOig 
CoxBroadeest'g. 33 14 | 33 

Crane I 50is 1 SOU 

Crocker Net ' 88ss ! 8814 

CrowmCork 87>2 1 27<e 

I Crown Zell SSis { 89ie 

Cummins Eng. .. 34is ; 33U 
, Curtiss-Wright..: 3d9« , SBlj 
I Damon 7 sb 7U 


Am, Cen. Insnee. 40^4 I 40J* 1 en 

Am. Hoist &Dk.. leS; 1 14i. 5? 


Am. Home Prod.. SSi< | 3SU 


Am. Hesp. Suppy 419; 
Am. Medicjd intL 2S9; 


Am. rioters.. 


1 Data Gan | SI 

1 DaytonHudson ..1 28 

i Deere...- ! fSig 

I Delta Air. ; f?. 


Am. Hat. Resees 33 ib 


A m.Petfma 

A m.Quasar Pet.. 


38if {Denny's.. 

57 I 


Am. Standard....! 

Am. Stores 

Am. Tel. A Tel. 

Ametek Inc. 

Amfac 

AMP 

Amstar 


Amstead Inds | 88i« 


67 ig I S 714 
27 1< . 9534 
25 . 2510 

48^ 1 4814 
S3'^4 ; 83aa 


Dentsply Inti 1634 

Detroit Edison. ..! ll>e 

Diamond intI ' 37 

Diamond Shank.. 24ie 
DIGiorgio 


Digital Equip 

duingham 

Dillon 

Disney iWalti 

DomeMinss. 

Donnelly iRR) 

Dover Rorp 

Dew Chemioal. ..' 
Dovr Jones. 


Anchor Heekg... 
Anhevrser-Bh„ 

Areata 

Archer Daniels... 
Armeo 


1770 I 17 

413, ' 4110 

3BBj ; 38 
175, I7S, 


23 I: J SSIq 


Armstrong CK.... 147g 
Asamera Oil .. .... .9ae 


asm ) Dresser . 

i n_ a—, 


Asarce sgtn 

Ashland Oil 271a 

Assd D Goods.... 28 

AHantfC Rieh opig 

Auto-Data Prg. . 25 

Avco ' 15i0 

Avery Inti I 233 e 


Dr. Peeper. 

Duke Power. ...- 

Dun&Brad 

DuPont. 


EG AG 18 


Avnet 

Avon Prod 


Baker Inti ' 31is 


Casco 

Eastern Airtlnes. 
Eastern Gas ft P 


Z85« I lasa 


Balt. Gas ft El 

BanCal.... 


Eiwtman Kodak. 707s 


Banger Punta... 18 »b i 18Sb 


Bank America.... ISSs 

BankoTN.Y- 40|9 

Bankers TSLN.Y.: 345, 


BarryWrIght j 15'i 


Bausch ft Lomb..l 45:, 
BextTravLab.... 34Ja 
Beatrice Foods... 17$t 
Beckman Instr... 48ig 
Bekerinds 7i, 


Eaten m.; 29>a 

EehlInMfg lOfa 

Bckherd Jack...,' 20 
Sleetronie Data., 21 
Qect. Memories 3>s 

El Paso ‘ 27 >, 

Emerson Elect.. 43t| 
Emery Air Fgt. ..I 11 

Emhart ' 32h 

Bn alhard Cerp.) 821, 


Bell ft Howell IBis I 18«a 


Bell Irdustries...] 18^ 


Bandix 

Beneficial 


Beth Steel. ' 30>2 1 aou 

Big Thee Inds i 82 U . 22 

Black ft Decker 14<, ' 14ii 
Block HR 36 ->r i 351, 


Ensareh....— .....I 20i4 
Enviroteeh...—...' 14i« 

Esmark 44>a 

Ethyl ; ails 


Evans Prbdik ! | 


Blue Bell 21 )b 


Boeing 


Boise Caseada ... 295, 


Ex Cell 0 : 80 

Exxon % ; 29 U 

FMd ; 241, 

Fatwrge.— _i iSi, 

Fedders 39e 


Borden 302s 

Borg Warner 86 >s 

Braniffinti 8 I 0 

Briggs Strain : 251, 

Bristol-Myers 53 

BP ; ail, 

Broekwsy Glass.' 13 
Brown Forman S' 3Ui 

Brown Grp I STlg 

BrownftSftarp.., 177? 
Browng Ferris.... , saig 
Brunswiek 1 845, 


Federal Co 1 201, 


i Foderal-Megul.. 


Fed. Nat Mort.„. 7ie 
Fed. PaperBrd...; 27ie 
Fed. Resources J lie 
, Fed. Dep. Stores, 371, 
RelderestMl I 23 >4 


Firestone- , 10|a 1 lOis 


1st Bank System] 32is 
1st Chailcr Fin J 79, 


Bueyrus-EHe ao-, 

Burlington Ind ... 20iit 
Burtington Nrthn 481, 

Bumdy. - 1850 

Burroughs BSTs 

C6I inds. SSI, 

CBS 4490 

CPC Inti 37ld 

C6X 64 

Campbell Red L. lUe 
Campbell Soup... 32<ft 


IstChieago. ‘ I 81 , i lilt 

IstcnyBaoNTex' 30% / 29% 
let Interstate.. ..' 31% ; 30i« 
1st Miseissippl....; 11% I 11*4 
lstNatBoston..i 40>i 1 40% 

1st Penn ' 3 | 87s 

Fisons I 4i| , 4% 

Fleetwood Bnl...| 18% ; l|i4 

Plexi-van 18 % 1 I 8 

FloridaPwrfttJ 89 89 

Ford Motor 17S0 17% 


Campbell Tags... 
Canal Randolim.. 


Foremost Mck....' 34% 


Foster Wheeler..; 13^ I 13 


Can. Paeifle 89% 


Carlisle Carp.. ...| 
Carnation 


Freeport 1870 

Fruehauf I 19’-4 

GAF 970 


Carp Tech I 35 


88% I 8770 I gATX'.*"..'.— j 30% 


Carter Hawley...! 135, 

Caterpillar 1 4970 

Celanese Corp ...| SSU 

Centex 23% 

Central ft 8w 14 

Central Soya 11% 

CentrsITelUtll . I 86% 

Certain-teed ■ H 

Cessna Alreraft.* I8if 
ChampHemeBld| 8 


, Gannet I 38% 


Champ Int | 17% 


Champ Sp Plug..! 7% 

Charter Co 79, 

ChaasManhatt'n 677 r 

Chemical NY Slag 

Cheese Pond 33r, 

ChleagoPneum.. 18% 
Chrysler 4% 


; Gelco 15% 

Gen Am Invest ... 16% 

Gen Cinema 36% 

Gen Dynamics... 86% 

Gen EleeMc 61 % 

Gan FocKts 89%' 

Gen Inetrument. 37% 

Gen Mills 35% 

Gen Motors........ 35% 

Gen Pub Utilities 5% 

Gen Signal 35% 

Gen Tdep Else.. 89 


Gen Tire 80% 


Genesee.— ...'.I 


Ohubb 45>2 


Cincinnati MIL... I 82% 


Cttloorp.... 85% 

Cities Servles 51% 

City Invest 83% 

Clark Equipment 84% 
Clove Cilfft Iren.^ 89% 
Cerox ! 11% 


Gerbes Prod 2570 


duett Pea^.»-..j 15% J 15% 


Coca Cola 1 38% 

Colgate Palm.—.! 177s 
Collins Alkman... 11% 
Colt Inds ! 85% 


Feb. i Fab. 


Qt Atl. Pae.Tsa.1 4% 
Basins Pet...; 59, 
GtNthn. Nekeow 337a 

CtW^Finand.; 11 % 

Greyhound 16% 

Grummaji...... ,.J 24% 

Gulf ft.Westem..j 16% 


Gulf Oil I 30;8 SD'* 

HaIMFB) ) 24% 26% 

Halliburton.....,...! 41%. 41% 
Hammarmill PprI 86% 1 27 
Handieman 13% , 14. 
Hanna Mining—, 31% ; Sg** 
Harcourt 8raee..j 16% | 16 % 

Harris Ganep 87% i 27% 

Harris Corp • 33,0 1 33% 

Heeia Mining 10% i 10 

HdnzIHJ) ■ . ?2, 


Heller Inti i 15% ! Iffs 


Hercules -i : 

Harshey 

Heublein 

Hewlett Pkd 

Hilton Hotels i 


37% ! S7 


Hitachi 6154 


Holiday Inns I 25% 

Heliy Sugar j 53% 

Homartake 1 29 

Honeywell I 72ls 

Hoover I 9 1 , 

Hoover Univ. I 17% 

Hormai Geo. I 17 

Hospital Corp....; 32% 
Household lntl...i 15 
Houston Inds. ....I 15% 
Muston Nt Gas..' SS'a 
Hudson Bay Meg; IS 


INACorp- 

iU Int-,.... 

ftfeal Basle Ind... 
Ideal Tey.J 


i 83% 

1 

23% 

1 6% 

6% 

]' 33% 

33% 

. 31% 

314* 

46% 

46 

; 12% 

18% 

1 19% 

1950 

1 770 

7% 

6% 

6% 

, 6% 

8 


INCO- 33% 

IngersolRand-...; 53% 

Inmnd Steal- 20% 

Intel 94% 

lntarF>rstCorp...i 26% 
Interlake- ; 38% 


Inter North 25% 


33% I 33% 
63% 627a 

20% j 80% 
94% I 84% 
26% : 86% 
38% 32% 


IBM _.! 68 


Inti. Flavours ‘ 18% 

Inti. Harvester...., 7% 
Intlncome Prop^ 9 
IntPaper - 35% 


18% I 18% 
7% 7% 


lnt.Reictlfler.,...J 18 
Int Tel* Tel....!?- 27% 


Irving Bank 

James iFS) 

Jeffn-Pllot.- 


Ijewel Cos...-....-j 33% 


JimWbKer. : IfiT,. 

Johnson Oentr-..: 237s 
Johnson ftJns....' 26% 
Johnthan Laganj 12% 

JoyMnf ' 32 Ja 

K.Mart i 16% 

KalserAium : 14% 

KalserSteal- 1 48% 


Kaneb Servieea..'. I 8 J 0 I 
Kaufman Brd-.,.; 10% i 

1 ^ Corp....'. 8 % ; 

Kellogg 93 ib • 

Kennametal 33% 

Kerr-McGec - 33% 1 


Klmberfey-Cfark., 60i| 
King's Dept 8t...l • 2% 
Knight Rdr. Nws 88% 

Koppars. ‘ IS 

Kroehler. 7% 

Kroger. 86% 

LTV ■ 16ia 


81 % ; 21 % 


UuiltrSue. Prod! 20% 1 20% 


Lear-Sfegler ( 255, 

Leaseway Trane.; 26 


Lenox ! 34% 

Levifitrause ! 87% 

Levtb Furntr ; 32% 

Libby Owens Fd.: 2270 

UllyiElil 571, 

LinooinNst- 48 >, 


Utteninds. 63% 


[Loews....- 


Lone Star Inds...! 83% 1 94% 


Longs Drug Strs. 26 
LoultLana Land .J 28% 
Louisians r^...-! 17% 

towanstein < 28% 

Lubrizel...— I 88% 


LuetoStrs....-....! 18% 
[M/ACom. Ine ! 81 % 


MCA I 46% 

MacMillan 1 IS 


Mao ' 5870 t 68% 

MforsyHanevar.-, 325; . 3270 
MsuivHle Cerp-...l 16 1 15% 

Mapeo : SlTg : 3070 

Marathon Oil | 73% ; 729, 

Marine Mid...-...' 84 % ; 88% 

Marriott } 36<, 56 

Manh McLenn... 31% [ 30% 
Marshall Reid ... 20% : 18 

Martin Mtta 39% ; 88% 

Maryland Cup-.. 32% I 3870 

Masco - 3470 ; 34% 

MaBsey-Forgn.... 15, 15, 

Mass MuRI.Gerp 18% , 177s 

Mattel 13% I 13% 

May Dept Strs..J 24% , 24% 


Gertuine Parts— 32% 32% 

Georgia Pae. 177s 17% 

, Geosoures 3970 4070 


Maytag 34U 

MeOulloch 13 

McDermott (JRI-i 30 >0 

McDonalds 1 60% 

MeOennell Doug. 30% 
McGraw Edison..; 317s 


Getty d)—.. .—I 53% , 53 
Giddins Lewis....] 18% 18% 

, Glllene - ' 38% 33% 

I Global Marine....; 17% I 17f 

! Goodrich iBP) 80 ' 19% 

Goodyear Tlre^...' 19% 1 1870 

I GeuM : 28% ' 28% 

I Grace l 4070 . 40% 

I Grainger iVinv),..| 369, | 36% 


MeGraw-HIII ..... 
McLean Tnikg . 

Mead 

Madia GenI 

Medtronle 

Mellon Natl 

Melville 


Mercantile Sts ... 549, 


Merck 

Meredith 

Merrill Lyneh.... 


elndustr' Is 1 83066:830.37 185S.43i8SUI3;847JIS, 843JIS' 1024.06 ! 124.01 : 1061.70 ' 41.82 
I I I t . , ,(87|4) 1(23/6) 111/1(75) (2(7(321 

H'meBnds. 55.02- 66.9755.17:68.5886.41, 36,4B 66.73 34.SS — — 

i I : I ' I '(isd/oDi (1(10) i 

Transport. 347.06' 342.72345.9^357.17:332.43 335.05! 447 J8 1 585.48 ' 447.30 12.23 

I I ' ; I • n8(4> (25(9) (16(4/01) (0/7/32) 

Uti»tles....U06.40)l05.16ia5.48;i06.951D6.6ll 107.31 117.81 10U8 165.52 16.5 

I I ^ 1 ■ I . (Bdrsn I (28iBi rt0i4rB31(28/4j42i 


WORLD STOCK MARKETS 


MGM 

Metromedia 

Milton Bradiay.. 


Minnesota MM.... '4511 


Missouri Pae | 70 

Nlobll - i 88% 

Modsm Mer^g. 8% 

MehasoD IDbs 

Monarch M(T | 17% 

Monsanto ; 98% 

Moore. MoCmrk.. 24 

Morgan UP) „.,.J §39, 


i 

17% 17% 


Motorola 58% 


MunMngwear 


MuiphyiGCi '■ 13% 


Murphy Oil ; 

Nabisco Brands. 
Haleo Cham 


47% I 47% 


Napoo Induftrias' IS 

Nat can -..J 21% 

Hot Detroit. : 83% 

Nat Diet Chem..: 88% 

Nat, Gypsum ■' 20% 

Nat Medical Ent 157 b 
N at Semicductr. 19% 
Nat Service IndJ 23% 
Nat Standard....! 14% 
Nat Steel ! 83% 


Natemas. 20 


NCN8 


NCR- I 43% 

NewEPdlandEI... 3S 
NY state E ft G... 147, 

NT Times- 34% 

Newmont Mining 355, 
NIag. MohaWk.... 12% 

NICORlne 31% 

Nielsen (AGI A— 48% 
NL Industries-..., 39f0 
NLT J 25% 


43% i 43 
35 : 2S 


Norfolk A Wastn 48% | 49 
Nth. Am. Coal . .. 93% i 83% 
Nth. Am.l Philips 34% j 34 
Nthn. State Pwr. 2S% | 2S% 
Northgate Ekp... 4 4 

Northrop - 46 47% 

NWest Airlines... 27 • 86% 


N West Bancorp- 23% 


Nwest Inds I 

Nwestn Miftual-I 


Nwest Steel w ... 28% 


I Norton 87 

Norton Simon .... 19% 
I Occidental 1^,. 21 T 0 
.Oeearr Drill Exp. 23% 

I Ogden 25% 

OglIvyftMrth.... 31 

Ohio Edison 12% 

(Min 80 

I OmarK. I 16s, 

Oneek - : 26% 


Outboard Marine 19% 
Overseas Ship.... 14i, 
Owens-(M)m(ng..- 20^1 
Owene-lllinela-..' 277, 


EHH Group 20% 1 Sis, 


PPG Inds 32% 

Pabet Brewing...' 13% 
Pae. Gas ft Beet' 21% 
Pae. Lighting- .. 83% 


Pae. Lumber...... 23% \ 23 


Pac.Tel.ftTel....‘ 18% I 18>, 


Palm Beach i I 413 16% 

Pan. Am. Air...—. 27, < 8% 

Pan. Hand Pipe.. 31 % ' 309, 
Parker Drilling.. I 16% > 16% 

Parker Hanfn j 18 , 18 

Peabody Inti 59, I 5 % 

Penn Centra) ' 33 1 22% 

Penney 1 JC 1 29% I 29% 

Pennzolt ' 40% : 44i0 


Peoples Energy 1 77, ; 7i, 

PepsiCo 35% i 35 

Perkin Elmer 35 

Petrie Stares 22% \ 23% 

Petrolane - 147, ; 14 % 


Pfizer 65% 

Phelps Dodge ... 29 

Phlla Elect 13% 

Philbro 85 

Philip Morris..-' 47 

Phillips Pet 34% 

Pillebury 40% 


40% I 39% 


Roneor (M>rp 23% 


Pltney*Bewes ... 

Pittsten 

Planning Res'eh 1 

Plessey 

Polaroid 

Potlatch 

Prentice Hall.. . . 


Procter Gamble. 83% 
Pub. Serv. E ft G.| 19' 


Pub. S. Indiana..., 80% 

Purex 27% 

Purolator 86% 

GuakerOats > 36% 

Quancx • 14% 

Raiscn Purina.....'. 11% 

, RamadaInns 5% 

I Rank org. MR .. 3% 

' Raytheon 399, 

, Reading Bates... 18i, 

I Redman Inds.... 11% 
I Reeves Bros : 68% 


Republic Steel...' SSs, 

Rap of Texas > 39% 

Reach Cottrell. . ' 119, 


Resort Inti A j 15% 


Revee (DSi 

Revere Copper . 


Revlon 31 


Rexnord I 18% 

ReynoldsiRJi 44% 

Reynolds MUs.. ., 19% 

Rite Aid ; 89 

Roadway Exps...! 33 

Robbins (AH) ' 13% 

Rochester Gas ..; 13% 

Roekwelllntl 31% 

Rohm ft Haas 66 


Relm • 33% ( 33 


Roper Carp 

Rowan ! 

RoyaTCrewn . — ! 


Ro^ Dutch 31% 


Rubbermaid 38 

Ryan Homes • 16% 

'Ryder System-.,! - 24% 
6PN Companies.. 19 
SPS Technel'gies' 20% 

Sabine Corp 34% 

Safeco 39% 

Safeway Stores .. 87 
St. Paul Cei..-. .. 50% 
St. Regis Paper 87% 
Sante Fe inds . ... 16S, 

Saul Invest 7 

Saxon Indus 4% 

Sehoring Plough., 8870 


SohHtz Brew _... 18% I 12% 
Sehiumbeger— . 49 . 46% 

SCM - • 81% • 21% 

Scott P^r........' 16% > 16% 

Sautider Duo V 18% *-11% 

Beacon - 81 I 81% 

Seagram 53% i 58% 

Sealed Power-..! 88% , 88% 

searie (6D( 30% > 30% 

Seairs Roebuck... isig 16% 
Security Pac —I 36% . 3S% 

Sedco 36% 26 

Shell Oil ; 36% | 36>s 

Shell Trans 2731 87% 

Sherwin-Wmi ' IBSs ' 16% 

Signai ..... ; 83% : 28 

Signode 42% ; 41% 


Sffflplleity Patt-.; 6%' 

Snger — 12% : 

SiQllne -.1 13 ‘i, 

Smith Inti : 393a ; 


Smith Kline-.....! 6S3a < 6S9| 


Sonesta inti ....... 109« | 10% 

Sony -.] 15% ! |15% 

Southeast Banks' 1665 : 15% 
Sth. Cal. Edison J 88 % sg 
Southern Go— ! 11% 11% 

Sthn. Nat. Ree....) 38% | 34% 
Sthn.N.Ens.7Wr; 48% ; 48% 

Sthn Pacific 34 % ; 3410 

Sthn. Railway-... 90% . 88 % 

Southland 28% 1 88 % 

SWSanos/rarefcJ 28 r, ; 88 T 0 
Sperry Corp..... 31% , 317 b 

Spring WIIU 1 33% . 24 

Square 0 [ 88 | 24?t 

Squibb 319, ; 30f| 


StdiBraii^Mn^ 20% i 80% 


Std Oil CUfomia.; 32% ' 31% 
Std Oil Indiana...! 39>0 . 399, 
Std Oil Ohio— .. S3 * 31% 
Stanley Wks 16% ' 16% 
Stauffer Chem ...: 20% 20% 

Sterling Drug-...', 236, ’ 23 

Stevens «JP) ! 16% : 16% 

stokehr Van K...| 33% : 33% 
storage Tech. ...| 32 : 31% 

Sun Co 37% ' 36?0 

Sundetrand 36% . 36 

Superior Oil- 997, , S3 

Super Val Strs.... 17% ■ 17 

Syntex. • 64% ; 64% 

TRW I 4850 48% 


TRW I 4850 M% 

Taft • 3090 : 30Jb 

Tampax. 32% ■ 3270 


Tandy 33% 32% 

Teledyne .126% 129% 

Tektronix- 48% < 48%' 

Tenneee 29ts 88% 

TeaeraPet 21% 23 

Texaco - 3060 . 30% 

Texas Comm. Bk 359, , 36% 
Texas Eastern.... 44% ] 44% 

Texas Gas Trn 28% : 27ti 

Taxas Instr'm'ta 80 ' TOt, 

Texas Oil * Oaa. 26 I 26% 
Texas Utllttias.... 19% i 19% 

Textron 23% ' 23% 

'Thermo Electro.. 17% ■ l<% 
Thomas Bstta.... 51% 819, 

Tidewater 30% . SO's 

Hger titti 8 7% 

Time Inc. • 33% ■ 33% 

Times Mirror 43% , 44 


1 Timken-.. 67% 

Tipperary. 15% 

Tonka 2670 

Total Pel... 1070 

Trane 267a 

Transamerica ... 21% 

Tranaway 21% 

Trans World 17% 

Travelers 46% 

Trteantrol 8% 


Tri Continental...: 18% 
Triton Energy-.. - 12l0 

Tylar.— 19% 

UAL- 16% 

UMC India- 9 

Unilever K.V. 60% 

Union Camp ‘ 47 

Union Carbide....! 43%. 


Union Oil dsl ' 31% ' 30% 

Union Pacific.... 40 - 39% 

Unlreyal ' 5% . 6% 

Untd Brands 99a I 9 % 

Utd. Energy Ras. 32% - 81% 

US Fidelity G 41% i 41% 

U6 Gypsum 31 • SUs 

US Home 1170 j 12% 

US inds 8% - '8% 

US Shoe 25% . 25% 

US steel — i 2270 32% 


US surgical • 18, 


3594 ( 35% 
18% ; X8% 
11 % ! 11 % 
62% I 63% 


Reichhoid Chem. 11% ) 11% 


US Tobacco ' 43% 

US TVust : 34% 

Utd. Teehneigs- 36% 
Utd. Telecomms. 19% 
Upjohn - , 66% 

Varian Assees....; 27% 
Vernltron 10% 


Rollins -.-'.-I 16% ) 16% 


VirginiaEP ‘ lUs - ll's 

Vulcan Matria. . 43% 42% 

Walker iHi Res... 12% 18% 

Wal Mart Stores. 41% . 4170 

Wamace 86% 26% 

Warner Comma. 69% . 58% 
Warner-Lambt ... 22 . 22 

Washington Post' 27% : 27% 

Waste Mangt 30% 29% 

WeisMkto.. ; 37% 37»j 

Wells Fargo '■ 85% j ES% 

w.Mnt peppL... 21 % • 31% 
Western Airlines 4% I 4% 
Westn, Nth. Amr. 149, ! 149, 
Westinghouse...; 24% , 84% 

Westvace- 21% ; 21% 

Weyerhaeuser... , 26 1 85% 


Wheelabratr P...' 37% 
Wheeling Pitts., ; 28 

Whirlpool 84 

White Consoltd.. 26 

Whittaker 30^ 

Vriekea 8% 

Williams Co 26% 

Winn-Cixia Str. .. 30% 
Winnebago 4% 


Wise Elec Power 88% 


Wootworth — 

wrigiey 

Wyly 

Xerox ... . ...... 

Yellow Frt Sys .. 

Zapata 

Zenith Radio 


Feb. Feb. Feb, 

10 > 9 a 


586.48 ' 447.SB 12.2B 

(2B/S) (I 614 /BI) (S/7/38) 
10U8 165.88 10,3 


AUSntAUA 
Anord.(i/i/0m 
Metal ft Minis, ildon 


590.0 , 598.5 5S7. 
BS2.3 ! 388.6 ' SB7. 


7974 iE'01 
735J 17(1(811 


590.4 ()I.<8/B8} 
$77.5(11,1(08) 


Trading Vol 

ooo-t 


08(8) (i0l4r63)(88/4/42) 


AUSnUA 

Credit Aktien rtM/BSi 


54.B7, 54.B8 55.18 55.14 56.49 r5(t.-5T) 


4fl,6SO:S4.48048ABa,5B,iSO,63^ol48.6flDi — | — 


BELGIUM 

Belgian 8E <31(18(691 


84.61 97.51 111(3/871 ! 6935 (16/6) 


aoay'shigh 848^. lew 82g44. 


Ind. d)y. yield 2 — 


Jan. 22 Year ago (approx 
6.55 ■ ^ bIm 


DENMARK 

Copenhagen SC ild(79) 


19639; 134.79 134.61 184.15 125.03 <11(2(82): M.6B (8rllBD 


PRANCE 

CA- General r28(l2(6h 
Ind Tendance <31(13(81} 


1».S 116.2 


118,5 Il7/9| 
130.3111(2(821 


773 (16/8) 
nj (4/1(821 


STANDARD AND POORS 


Feb. I Feb. • Feb. ] Feb.' I Feb. I Feb. 


Induft'ls-J 187311 188.71; 187JDI 1U.S3' 188.64' 128,94, 15ZJK ' 123.95 ! 160JG ; 8.U 

>1,1 i (6/1/81)1 I2B(9> 1(28/11/88.(50(6(52). 
Compeoite iu^' 113.6 b[ 114.63| 116.42; 116.4^ »8.J8J 11^77 ! J.4a.52J f4M 


/B/I(S1)W2Sj«> {JBflfM; 11/602 


Ind. div. yield X 


Jan. 30 I Year ago (approx' 


HONG KONG 

Hapg sans Bank (51/7/64 |U637 1268.40 1292.47 1322.38 


1610.20(17/71 m$J7 15(10} 


ind. P/E Raue 


Long Gov. Bontf yield 



'TALY _ • , 

Bonoa Comm ltBl.(167ZI 188.52 185.64 186.23 187.32 


282.03(3(8) 166.44 (24/71 


Dow Average (16,'6(49l 
Tokyo Ne«^ (4i1/63i 


'7761,117794.19 7764.89 
: 574,50 575.31 574.07 


IQ19.14 i17t6i 
609.82 vi7/5) 


8958.52 113(8) 
465.79 |5( Hill 


NY. &E. ALL COMMON 


Rises and Falla 
• Fob. 20 Feb. 9 Feb.S 


1981 -82 


NORWAY 
Oslo SE (1/1/22) 


rSS.H 1S0.I9 )9(.25 122.98 145.7? /64) 


Feb. 

10 

Feb. 

9 

Feb. Feb. • 

a 5 . 

- , 1 

High j 

Lew 

663165.74663 8 67.79 

79.14 1 
(6/1/B1) 1 

'64.96 
I (15/2) 


Issues Traded.-! 1.872 1.8SS .! 1,215 

RIsea — 887 . 39D • 257 

FbHs ' see 1.086 1,358 

Unehanged,.....! 467 - SSO ] 300 

New HIgllS.... ...I 4 : II 10 

New Lews 76 ’ 166 ! 109 


SINGAPORE ^ 
Straits Times (1986) 


75S.B0; 765.93 778.71 798.07 876.26 (28(8) 753.88 ()KS(W 


SOUTH AFRICA 
Gold (1958) ^ 

Industrial 0969) 


SS2.6 ' 568.6 ' 635.6 
708.3 ' 708. 1 710.1 


757.6 (7(1(811 
7)1.7 i8(1(82i 


473.6 am 

537.2 (3(21 


MONTREAL 


Feb . ' Feb. Peb. 1 Feb. 


Madrid 8E (5009/87) 


I 107.35; 107.451 (o1 107.46 (9(S.>92> i 99,17 fi/1/921 


Industrials 

Combined 


298J4I 893.691 294J0 500.45 
276.681 27B.5i; 278.97 2B5JI8 


SWEDEN 
Jacobson & P. 


601.59: I0SA5: 856.251 604.10 658.31 (10(8) 404.1? (IS/Kfl) 


TORONTO ComposRei 1677*1| 1073.0| 1689.4 


2600.56 (16(71 I 1B7S.0 (9(9/82) 


iiSffiMS.rt1/12/bB)| 247.5 | 249.0 ; 2B6.8 ■ 2SI.3 


242.2 i17rin 


NEW YORK ACTIVE STOCKS 


Wednesday 


Superior Oil . . 

MGIC Iryv 

IBM 

Evton 

Wllnnia C(on. 




Change 

Stoeka Closing 

OR 

traded 

price 

day 

1.5Q2.SOO 

29'. 

-2% 

1.143.800 

48 

-2^ 

832.800 

61% 

+ ’j 

727.300 

29% 

+ h 

542.200 

26>, 

+ \ 


Mobil 

Warner Comm. 
Std. Oil Indiana 
'Phillips Psirini. 


Fennzoii *09.200 


Chenge 

Stocks Closing on. 
-traded price day 
$22,700 22Jb + k 
431.700 57% +1% 

.448.200 39U + U 

-408.800 34^ + % 

409.200 40% -3% 


WORLD 

Cap^ fntli (l/i/79> 


j (u) ; 137.6 ; 167.0 ; IBLI . iei.B (5/1/61) ' mo 121/9) 


Easier 


after WEDNESDAY’S rally, 
Wall Street reverted to' a down- 
ward (Joursc in reasonably active 
trading yesterday morning 
investors refocused their atten- 
doQ os high UJ5. Interest rates. 

The Dow Jones industrial 
Awrage. which recouped six 
points the previous day of its 
Tecont sharp fall. ^*^3.52 lowr 
at 833.14 at 1 pm. The NYSE 
AH CoTttraoQ Index shed 11 cents 
to S66 .i 6 and declines led earns 
by a seven-to-five margin. Turn- 
over amoQdt^ to 32-27ni shares, 
against Wednesday's 1 pm figure 
of 34.14m. 


^ , one or Mssihly tHw large opettf jaffer -ft: 654V. slSrt^with''^ 

Canada ; .toxs saddedy placed heavy sell; ^mg ,:'.jm..-:,a«ra«6fv^^ 25 

Markets registered fiirttter • orders -for EluevChip'lteueB in 'pf6ihtiigi:33Je BimM^ sold 
mixed movements at .mid-day the ^wefifsent- DM 

after a ftir trade. The Toronto the market ' falling, • prompting- . . 


1.573.7, but Oil and Gas slipped 
3.6 to 2.8949. 


Sat iSrbrd’SJ^SSkSem: 


Paris . 

Stocks generally registered 




fihn 


Of 34.14m. , 120.3. its hipest point since the ‘ 

Analysts said a rise la the key start of the yw. Advai^ oat- , amounted ‘lo tbe maffi^nse^ 

Federal Funds Rate, on ove^, amnbered declmes by 129 to 31 -^Mwarih-. ■artii - htings- 

night loans between *>an^ in tiie Freni*- section. ■ indieitor^sS .to 

sapped the- market of we Market observers ^ 

Ktreneth it showed the preyions a- huovancy to the further W^'esday. of one 


night loans between banM. jg French- section. __ _ . . • tiJs inH iww/w mbka -iw ifv- rfiart 

sapped the- market of tbe Market observers ^ 

strength it showed the pre^ons buoyancy to the further ctHiW- hot - Diedict W^esd9y of ,a»^^ 

dai'- The Federal Funds Rate in Frew* interest tatw Jbere^ees^^^ W- from 

rose to 16 per cent yesterday observed yesterday. The Call 

morning from the previous jfoney rate was reduced by *h-f 'the-w-jLin 

m&Va close of 151. . another i of a point to 144 pe^ ' Sp u 5uS2^ V te 


Also worrying the market 
Federal Reserve chairman 


Volcker’s statement before Con- 
gress that the project^ Fed^ 
Budget deficits for 1983 and 1W4 
pose a ' major haaard for the 


cent almost a full.pomt below ‘ 

its level of 10 days ago. Con- --yniam^ Icrt -•fiO ceols- 

Con* ikwau0M»4i Aen 4 Ka tnOT^ . '^.fPiwaviajPMiV^ fSvMVh. tllHCkOfi 


POM a major iOTv*erea us mooey iu6ir».ci ->r esnik to mras. iT3.uQyeruaHfui?uwi»^«^ 

financial markets, both now and mention rate to 14.S per . cent ■ tnist ; J®»t'BroKeK 

in the future. from 14.75 percent.' Bank- dipped '^ cents -to - .■wncerh:';ibeait'^4^ 

There were some scattered Analysts pointed, out - that -May - due to the proMeate 

gaias among the Energy stocks., because banks’ time deposit btfebt «ceb^tioh ttewever, 'ii^W?. --'iNews- .-'Xntegsai^nial,' 
which are cutrenUy coraidered interest rates are linked to the Jislnc *50 cents to HKS60 after WhJeh' -. owns ’ the: 4ste»"*-— 
to be priced vw low. PeoMoU ovemishl rate and have, now debated 

rose 21 to become nnattractiTe; ttare hw j~:-: ■: . 

Royalty S2 to S24. PhiliiDS 11 to a Row of capiteL..o« <rf • V;;.". r 

S361 and Tma Intenahanal' 1} inammeaB Into Stock 

to SI. . Exchange. ‘ :' '.r.tvisa* 


19S1 • ^dedac^ 

bod'OA' isiSue. 'aiid . a .rig 


5offar..\- 


to SSI. 

RCA put on I to $191 and was 
the second most active issne. The 
Ci?mpa By reduced the prim of 
its videodisc player and intro- 
duced an eight-bour video 
cawette. 

Xerox was the volume leader 
and lost 'l to $381. A block of 
244300 shares were traded at 
$3Si. A block of 300.000 Cham- 
pion iRtematlonal sh ves were 
moved at SIS), off |. 


^eM^mstrnmeats. mio me s«pcK . 

Ex-hange. J. . '.-'ixetr^sat^ ' 

TT ■ tr mm - ' Bourse prices - were . ni^wly. -^^tj^r. jjprgjfs^ 

Jhlong AVOng mixed as^ a .kipte of. hi^et- .:rthe:aa!i(8:i S9iML '^d»:tej^ 

After «tazting on a firmer affecting news. .Brok^ Baa^ -.:pnee&.-'->,’Q^:.'^a9ipsrh‘-'^gts. 
not» vestcTdav in response to that 'trading lei^s were y^y. 
the owemlAt Wall Sti^ rdly. light vnth'.tianMctions -ttaceable 10 . 3 ^ mote; 

the Hod«* Kong markk later to posftxdn squaJing or • tif 753;8QL-. 

snffered a pherp reversaL - - sional mvestors. ’ ’ Cential- S b«^ 

The Hao" Sene index pi^ed -. Motors lost: some groimd . war .;. 'sg] 2 .S 0 . .Fiir#^ 
un six nomts in tiie first hour recentri7eRgth.:IhdaiiJer^<A8m5:-*(£|it5; t9^'Sg5.Sft.'«l^ 

?nd h»d hpcked off only slightly DM 250‘ and BHW 8 O: pEenni«& ceots'-to ^99^3^ 9^^ 
bv mid-day. However, in the Banks pot in the best sec^ •''in«sit 'Ba^'^’‘chbtS tt-:SI7J85. 
eariv aftemoftn the index began perfonnance aft^new.iaat .-“SiBaiSew ®p*el- caWsr;to 

falling sharply, ending the day -reseh^ulu^ of Poland s to 


Hong Kong 

After stairing on a firmer 
note vesterday - in respond . to 
the oversight Wall Sti^ rMly. 


TOE AMERICAN SE Market early afterooftn the jnd« began 


'Value Index managed to improve 
0^ to 275.60 at 1 pm. Volume 
j.Ste shares. 


The Haov Sen; index plMced 
up six points in tiie first hour 
and h*«d backed off only slightly 
hv mid-day. However, in the 


falling sharply, ending the day 
a net 23.83 weaker at 1.256.S7. 
There ivas a juoderaie turnover 


Western banks is setifor signing ^ -cents w . 

in March, easing . fears of .a. -.'.f?- . 


Closing Prices ftir North 
Aznerics were not available 
for this edition. 


of ” HV2238.63m on the four default DrjesaneE.BaA,d?imb|rt;^,.^'T 


^<S^ysts and brokers said that purchasing - >°terfert -pilikrf. .up ' 


CANADA 


AMCAIflti ) 1B% 

MUtlbi 20 

Agn/eo Eagt«— 

/Uean Alumtn...- 2S% 
Algoma steal— . 37% 

AsoeatCB...... 13 . 

Bk. Montreal ■ 21 % 

Bk. Neva Beotia. ' 23% 
Ba^e Raseureaa 4X)B 


Feb. 11 

\ 

Price 1 
Pis. { 

Patreftna 

noi^/a Ba/ge 

8oe. Gen. Banq.. 
8oe.Gan.8alge- 
Suflna.. - 

4385; 

6300^ 

2.700- 

1.500) 

3 . 550 : 


ACF HeMtng.—... 
Aholcf 


7«.« -»D.B J ANZOreup 
fAeraw 


AKZO...^ «.4 .-0.1 .(AmpolPaL. 


ABN ' 279 

AMEV -i ftl 


- I Xaaoe. Pulp Pap 
-4-1-2 AiMimeev...— . 


?! fScfvay- B.f7n * 1^0 

211 . iTracton Elac^.. 2.6B0 +40 

51!® luCB. l,7Ta +7B 

XS% i llitlan Uinl«ra BOB. +8 


AMRO -.’.11. M jAuaL CenSt hid 


Union Minicre.... 
Vteilla Mont..... 


BOB +8 
1.640 +10 


Ball Cana(9a...... 17% ; 171 b 

BowVallay ‘ isig ! 15 

BP Canada ........ 22% . 

Braaean A 20% |0% 

Bflneo 5.50 . 5.50 


DENMARK 


B.&Pcraat ; 11% 


CILIne... ' 25% 

CadinacFairvlav»' B% 
CamfloMtncs— ... 16% 
Can CamanL 9% 


lAndalsbanluuL.., 125 ) 


, BradarP GarL-...' .197 

1 Boca Malta.-. ' 

I Buhnnann-Tat 
LCalandNIdga....- ^ 
'EiaavtarNDU [J 134 

EuroCc<nmTBt...> 74- 
GlsLBeoeadea..:. 6^i 
Halnakan~. — L..' 51.i 

Heegevana 17. 

HimtarDeuBlaa-,' 5:3 


-x-'u' I Auit GuafiAt - 
— O.7. 1 Auct. Nat. tnds 
—0-2 lAuaL.papar. 
■i-OAiBonicJISW., 
-•-OA'lBluaMatar. 
isand Hidgalk 


68^61 -^.6 iBrvHIECoppay 



iBaiticaSkand..... S67.4 +0j4 

i!5-* -»^H iNaart5*a.-:...-rH 


D.Buklcerfab .366 


2A.2J. ftrunawfeZQIil^ .« 

9lri -F2i7‘ CRA.:i:.-:-L..i,L!3' ft.77. r-Nl 

j’' Cailteii ft 4^0, m 

212 crirtronfAUBtt2y 

-12B.B: >1, ; Dpi 
.75. [ C(K:kbtmLpan^’ 

?0’J-*9»S- ociaaio^....O; 




DansKaBMlc! "JIS*® *5*2 *S8,7i 

Eitt AclaUe-...-— : 129 , -0.6 NadMkl‘Banlu...| 117 ! '+$ 
Poran^ Oa^tjS'' 5*i Nad'Uord.....--.;:, "lgg.5: .‘I’l 


Can NWUnd*...; 277| • ,— 

Canl^Kars 31% >, 38 

Can Trvico....— (■ ^ ' ' — 
Canlmp BMK....' 26% 86% 

Can paeiOe... 36% : sevt 


Can F. Ent.. 


Can lira-.. 32% 


Chiafcaln..... ’ 16^ 16^ 

Ccmlnco- 49% 46% 

Cent Bathct A-.. 16% 17 

■Cent.BI(. Canada 7 69i 

(Nwtoin 9% I 6% 

Caon Devei. ...... 5.90 • 5.90 

DanlBon Mines-. 26% < 26% 
Dema Minas. . 16% ^ 15 


Foranda aamgo-i -6f 1 .'.*3. Naduiord.....-;; 

wSISb Is 4 . OcaGiirrtan-.-..:;. 

GKTHidg..... 8«8.4 +5.4 ommaran|VaB)J 

jyakaBanK... , 185 pakhoad...-— 

Nord KabaU- .....1 15^0. 

Novo Ind..... .,il,490 — S SiillSShlTd*’'*- 

PapiiiAbriWutr..- 90 t 
-- -• ■ 1S8.8 +0.2 




^SBO 
548 

m 

610. i ^ 
382 V'4-?. - 


.450. 

SB6f.V,4 . 




D. 1 f -.3 

ojn (•vo.ew?!f*K'^W*5*' >.r2£s p 


Nip^Oanad-..;*lW :wio 

•Si'.l.'iS 


79. r. 

so- -1 30.1^ 


+o.7'icotiiata9.--I: 


iPrivattHunkan-:..' 138. 
(Provlnsbenken— 130. 

iSntidth IFH 865. 

[6. Bcrand«en ., — ■ 500 
.Suparfes.. 185, 


Doma Petroleu/n 10% 10% 

DomFoundriasA 35% | 36% 

OMnStoraa^ ’ 15% | 15% 

Oemtar...— 20 % ; 80 % 

Fai^nNIcVsl... . 62 <62 

Genatar-....-.— 15% | 20% 

GL-Wsstura 240 240 

Gb-ir Canada. ’ 14 } 15% 

G^fstraamRes...', 4.B0 | 4,75 
HawfcSid.Ciin....l U% | 11% 


FRANCE 


490 IZ5”“rPhlinoa...... .25 

’ 90 -t ,lRI)n-Schalda...:.. 36 
1^8 +0.2 I Bobaeo... . 218. 

150.2 +0,2lR«|»'"ev— i*J 

865.2 +0.2 RollB^....i....-.._, ^1 

500 I +6 Roranto- *58 

125 6 +U Royal Dutch ,81 

’ • WavanbuTF* 77. 
• ^ Tokyo Pae Hs-- .• *25 

Unllavar.....— .... 158 


B8 B( +'P.x fOcattalB- .iSM-:.- 

36:9 +0!x-iC»l5d»rOfl^.w 


1.8 


481 • '+0.T (615^ smith CMl:^3D 


ABO , f.. 

ft'S::.-t 2 ? 5 i«ppp 02 hr^^ Lii , • ■ . 


Ipppp Maaiu. 
[pp0AO(i*...^( 


1^0 I TT-a 


8.D0.;1 
QJ7 

CSD- ...i.._lNormum 


NlMnMot6r...-.l:.9l|0 ; -S. 
N%ihiit'8taBl-.'...l 168' «« 


; Viking Rea......... 

»VmrStorK...'.+.— 


Heii/nser Argui 


Emprunt «iS 1976 t.721| +40 
Emcnint 7g 1876 6,495‘ --7 

ONE6X 8^ +5 

A/r Liquid*... 472 +8.8 

Aquitaine 156 +9 

AuPrintampB.-. 147 .[ +B.8 
BIG I 430,1 -6.1 


>VmrStorK...'.+.— 
+ or I vNU.;...._.-.....\... 

— i Velket-Stavin — 
— r -• I West Wtr sanlL-. 


Zil .81 -0;7 jEndacvedr lMt-! O.W i ..... 
138.6* -O.B lGenPfo Tmat:i;;j l;68 i +ai 

77.5- +0.6 HS" I ^2© 

825 > +1 ..*ICl Auat-.-u..;-l l.Sa i 
158.6! +1J iJennioga.-...,^ 1.'35 1 
ZB4 fr*4~ -U/mblsna^OcFPl. 6.40 
3B.K — O.S (Joe*B(D%;— .1 1.40 


3B.K — O.B iJoa*B(D%-~.- .-I *.40 

68 - +03 |Kla.Qi»GDMt,..-%' 0 . 1 f 
8B.B>- +0.1.iLaoria«d OH.— J O.W. 
62 f +7.6 


cut 4 m83s94«(A 


.'BOB \.'.i,!x...- 

tei-s 

/Cgog.i.,-rg». 


^6B.j';-4 

668 J.X 


..I .4B8-|.-r: 


r>S ■ 


S:ffi J.-SSi 


MeeksthaiTs Mq 
: Meridian 
[Me.narchP4i^:;4 
{ItfyarEm'p.;-, 
INaCBaJilL. J 


2 .T.' 1 — Oi 
0.85 l -OJl 
O.lT-i +0.1 


Sony 

S&nl^ 


!' B26 

817 j- ..-..-i - 


tarjurBmp— 

INaCBBJlIL. 

■ {New*...:.; 

riec -For tHichoUw Int.--. 


I price 
’ Lire 


- XNdrth moi NHL... 


Hcefcy on 

Imaseo 


Imp OilA... 81% I S1<0 

Ineo- • iSTs ! 16 


Indal— 15(« 


dubMedlter...;.. 670 

CFAO 601 

OCE ..... 553.6; 

CSFiTItemeon) 23B 


lOakbridge.-, .1 1,68 


ABdcvrGan........| +iw otter ExpeC--;J 0.76 

B ancap om-1a.-nS4.9W .+p> 'paneor?.^ \ 1.V6 

Baa^ Fin......... ^290 ^5 JanS 



StemD:Mariiia..-i.- 890' 


TWbA Dangyc 
Tbieai Corp—. 
TkieiioP harm 
Tbkada 
TDK 


T^uwku'Oiu..,.;-': 707.4 ;+tU' 
TBS-...,;..;'. I 444-|..!iii - 


ToUe Marine 


inter, n'pa..... 14i0 j 14% {ciaBaneaire 883.6 +6.5 


MacBleadal 22% 

Merits ft Spencer, 6 

MeauyFerg 8.1Q 

McIntyre Minas.J 36% 
Mailand Expicr.. 61* 

Mite) Corp. 26% 

Mecra Oerp—.... 56*i 
Nat. Ssa Prod* A 7 % 
Keranda Minas -■ 18 


Cia Gan Eaux.— 341 


Ceflmag 115,3 +8.S lltalsider.- r IMS - 


Nthn. Talacem—' 59% 
Oakvroed Pet- ..i 11% 
Pacific Copper...- 1,99 
Pan can Petrol...; 66% 

Patino —....! 16% 

Placer Dev.. ' 13% 

Power Corp.-,... 15% 
QuebeeStrgR— ■ 8.5B 


13% 12% 

15% I 13% 
8.3B • 2.25 


Ranger on 7% 

Remf StenbeA... 11% 

Rio A)gom. 36i> 

Royal Bank - 83% 

RoyalTrustea A- 14% 
SceptreRes....... 9 

Seagram 64Tf 

Shell can oH. - 17% 

Steel of Can A.- 86% 


B% OCF 1 165B 

8.06 Creusot Loire.. ..I 90 

36 CFP I 189.S +3.7 

' 6% DNEI. I 50 +8,6 

86% Dumex i 1^6 —34 

56% 6an.-Oeeldantal.1 4s) +1.6 

,2!* Imatal 94.2i -O.B 

Larfarge 266 j +4 

?®. Lsgrand 1,700; +15 

i Jd Machines Bull... '. 85.6 -0.6 

if" Matra 1.215* 

®t*® MiehallnB- ' rw I +52 

i 9 i! Moet-Hannssey J 670 ; +15 

13% Moulinex- 60.6i +2A 

2.25 Paribas > 810* i 

Paohfnay - .vl0l.7»| 

Pernod Rleard 387.9 +4.4 

iTu Perrier 163A1 -8;6 

U f Paiigeot-SJt. 192 I +6 

POclain ' lei , ‘+6 • 

fi>! Radieteeh I 888 j +8. 

Radoute ' 883 1+18 


163* Montedison _< 142 +4.9 

90 OtivatU 2,510 +30 

129.S +3.7 PerelUOe 2.401 . + 6 

50 +8.6 PIralii Spa .-.—1.1,868. +6 

86 —34 SniaViseoaa . — ; ' 696. + 16 


UMALCona J 1 

Valient GQii*dt--.r C. 


Toro Ai*lo...-r-'l6,5l0 ■ + 510 • IK5!“>?hi'.r.'*"“ 2'2S - I Yaeiida Fli^T- 


do. Pref.-.”— '(IsISBO +38G-J!5S5S.S**l2l2?*:r 5-Z?' 


NORWAY 

V 

Fab. 12 

•i-Priee 1 + or 1 
iKreneil — 

-H. 1 


Weoiweitha-j 


WomuadintC-..'. ZOO 


S*5« 1- s*2S«W4coai 

1.75 — OJK-v-ni ft he '--.*,1 -590- 1.= -+4* 

0.18, J. ...,....,tYSSSSkf:ir.S05^ Ua 


Weodeida Petroll 1.08 • - 


SINCARORE 


HONG.KOfilG 




BergensBaNa.v-i 


Berraaaard -mJm .;- 125 

Credi&ank— ..-I 146 


> Mae.-! or 


EkHiitBacKhd! 

Celd.'6tdiva.; 


DB8 JfJ99 i 


Elkem -.1 51 

Koamet 360 

Norsk Hydro ' 576 
Storebrand.-.:....'- s2o 


-9.5 loi^'g Keng.;.' -17.8 .1 


Ccemo Prop..-...' .- 'SJB'- 
Cron.Harbocu---i' 10.5 
Hai)g Sana Bank; 119 
HK-.£laetrTeMJ.-^, 4.86 


VSAMBv;— H * 

[PmsarftjSMM- 'i 

ir,;.-.;:..-';.. , S 

iWl lUlHL' T * 


sUS3-\ 

3;8g- r .LO02 


' IneheapaBhd;-. 

iF- SSg'SSS?;': 




racks,.., 9% 

Texaco Caneda.. 26% 
TtwmeonNcweA 38% 
Toronto DemBk.’ 27 
TransCan Pip*....- 84% 
Trans Mntn. Oil A< 9% 
Utu. Sisco Mines’ 6% 
Wa/ker iH)Res... 14% 
Westcoat Trans- 12 
Weeten (Cee) 35% 


Rhene-Poulene.. U5.e*> 

Rousscl-Uelaf 363 , +8 

StGcbaln :158.5*> 

Skis Rossignel....! 680 ^ +26 

Tefamech Elect.; 1.146: +11 

Thomeen Brandt: 858* i 

Valeo....- ■ 839 \ +6.! 


[HK.Kowloon Wh .1 435.' 
HK.Lamt.-- 8.0 




5WEDBI 


HK SNabghi Bk-.( 142 ' ^.1 
HKTqlepriona-ii- 


:SaiS*raimTrB,..-.i.;4;8.8'' I- 


Priea] 4- 
Kmnor ' ~ 


{ Hutdhlcen.Wpa:..; 15.0 \ .-03 4 SOUTH AFRICA ' 
Jahiin*NlaihZ..i 17.1 1 -o^t- ” • • 


+6.5 lAGA-..-..;. 
“^lAlfa-Laval 


GERMANY 



AREA. 175 

ASD« 350 

AtlOiCopoo .' 1X7 

'f* .nr seiiden 884 

— Cbiluieea 248 

~ fileotfelux'B ■ .91. 

Ericsson 806- 

+ > . ' Eiseita(Frea)_.jJ 162 

Fagarita.; I 17B. 


810 i — ! 
*97--! 



AUSTRIA 


AEGTelof- 52*®- ■•■S"- Rriwon 806 

AlhanxVars- 498 +8 ' EiseitelFreal 162 

BASF 182,7 -2.1 — J 

BAYER. 117.3 -0.5 J’® 

Bayar-Hypo ' I92.s: + 0.8 10? 

■ "i, SrSSiSra.:f 01 

iS?.2 

Brown Bojmri ...,; S1B.|: — 13 gican Enakii<ia,;.,r 835 
Commorzbank.,.i 136.6 +2A SKFB. .. ' '' 14B 

Conti Gumrnl 48 - ......... at xm 


SKFB MB 

stKepgarbf^.-. 508 


Prtee +or lOaimler Ban*-... 899.6, -8.8 jevan HandolsSii"; 116 


Greditansiatt 221 +1 

Landarbank.......' 187 | 

Perimocser 259 ' 

Scmpcril 98 ’ 

Steyr Dailmar-... 170 ; 

VeitKher Meg- ' 801 | ...- . 


Degussa ' 2413 . .+.0,9 

Demag ....il 139 , 

D'sche Beboock.: 198 1 +0.3 

Oautscli* Bank.. 8783: +4 

DU SehulL..- 1S8.B'- +13 

Oreedner 6ar)k...| •140,6 +23 

GHH,...:.. 1933 +1.8 

Hapag Ueyd I 63. i —2 


MI 3 +0.8 IswattlBhMatdi..^ 114 


tVolvwFreai....... 


SWITZBOAMD' 


BfiLGTUM/LUXEMBOURG 


Hea6h3t,.,.-..-.,-')1B,5xr' ....... 

Hoeach '• 22,8, —0,3 

Hdzmann in ! 414 1 —1 

Horton,. J — ... 106,5' 

Kail und 'Balz. : .174 J -+1. 

Kari^t-..: :..! 1803| 

Kaufhof-,...- 1S2 

185.7 —13 

KloacKner— [ 613: -03 

Krupp- i 57 .S 1 +1.B 


I Frs.';, • 


wl' ' Ti"" -565' 

ibAa'; -'s Bfown. Bovert— .1 -853.-; 
*B03| Clba>Oefgy 1380 . 

1S2 1-3 do (Part Certs). 985!.-; 

185.7 -13 grMItSulHa I 1315 ^ 

613: -03 £f4ktrewatt.-.!j 2340 .+; 

57 .SI +1.B Fiaoh^lOeei 455>. +( 







KiLlill 





TvKjaj 

K25{ 






ARBED..:.. , 1,240;-+50 

Banq Int ALux... 3,B50 j 

Bakaertft; / 1.700; +20 

CrniontCBRM I 1,6D0| +50 

Cockerin I 806' +6 

EBE5..; - 2,060] +70 

Bectrobel 4,30a +40 
FabrlqueNat... . 9,560 + 20 
G.8.lnno ! 2.580 +30 


Linda. \ 318.6 - 0.6 H^f-4tft6hePteta;6a,686 .+; 

Lufthansa..:.-... 66 . 9 ; -0.3 H^f Rocha l/lOi 6^> 
MAH 1189 +1.5 lnt*rfood .5385; 


' . ' C**] Sat Feb. 6: Japan Dew 7779.41 TSE 573.00. 

Sail veJura of oil Indices ate 100 except Australia All Ordinary end Metils— 
fVXI* NYSE All Comon-^SO: Standard , and Peon — 10; and Toronto— -1300; tbo 
i^t Rimed based on .1B?S. t Excluding bonds, t *00 industrlaU. 9X00 
Induethals plus 40 Utilities, 40 FtnanCiab and 30 Traneports. eacssd. 
V UneveOabla. 


Mannaamann— . 1433f-+03 , 13 ^ + 

MereedasHlBA.:. 861 -T LandlsftGyr -4.030| - 

MataJIgeeseU 1 261 I -1 . N^a ,J 3,t9S> ^ 

Mueneh Rvefc—j 668.51 : Ocr«uhiiie .. ' 1 

PreuMag.-,— ..4 202 .s} Plretu — 


H^a ;"J 3,185* 


OcrwBuhrlie 1 


206' +6 iPreueaafl.-', ....... 202.9} Plretu ' 'Z12 

,0601 +70 iRheln WdetBaeti I74.ii Suid(s(Bi-..-....-..:| A323I — i 

30(H +40 |Ro«afltf)ar.j;;..-..»'26l j +r . Sandoz /Pt aij, -+ 
aanl -an Is-i...«ha . 29931 —03 Sehincilar (Ptms)' .-'sSb !''— 8 


Seharing 

IslamAn 


GBLiBnatU- i 1360! +30 

Cevaart- 1.890,' —10 

Hoboken ; 2.980 + 1 OO 

intcreem > 1,949' +30 

Rareletbank. \ 4,920! +30 

PdnH/dgs 9300 ; 


+ 1.1 iswreean.-.,,,. 
..-0.3 UwifcBanlC, 


J . 660 I -*« 

-306t-.+ft- 


J |6w^ R«liiees ...i. e,i8ft -:85 
^3^ -0.9 L9w^VellUbK...L. 000] -:15. 



ri # ft 


beazim 


Feb. 11 







»wteeVoifcebk...L. 9001 -:Ib: 

Union Bank ; 8,94sl-'.>^0 

Winterthur J 2 , 810 ',, . 

Zurich J««.,.....j 26 , 000 i - 100 r ^ 




































COMMODITIES AND AGmCTlLTOBE 





support for plan Delay over 

laysia tin output t^Lang 


FARMER’S VIEWPOINT 


V «rWG*« .SULOI^ MieUIAUL^ 

nmong the small ni7.5b j. ^ dose et £7^10. 

feaas'.'sas oSs tsniras S» • S-Js, 

tte WCT Dr SaUih*. Ltement bnefly at about «,000 a S^„“tJ^say^ 

- tifienrover-tfte a«.iiew years. that some small nines wm have >2L.v^ . , “aothins short < 

•r.'tin iiMfustry iepi^^ merge. The gravel pump dav**^ calamity** if the 

wfll- meefDatuk Paul I«ozig. . minw^whieh are fiercely inde- sliehtw reaped. 

;SStTriBB!75idii^,TBa^^ ot each other, feel Mr Adam-a aov. 


^gar ^ 

I USBH? to employ one of ' . The only crops which looked Climate will have regres^ into milk production; In the five 
nwTnrTTTmiirNi a .a- nature’s pcsrimfets;' Every disappoiih&ig' were' those which winter. western counlies^DorSet. Som- 

anew i«p« ^ interrupted by bad been ravaged hy an anw of At this toe of year I su> e«et» Wiltshire; . Devon, and 

del^d thT Xrt S ?S ® ^ “V? were emergiiig idement thelw? fert wiS^ Comlrall-of the 1.387 dairy 

BaAados suBar^^rcif -Sd weather he would optae that it lart autumn, wd ^ one compoimdahd aJtJwSh^ am farmers; 11 per cent in the 

K)T»nd Mr was fl westiier breeder. And will have to be plonked up sainng my beS grass for after region gave up mflkmg between 

Mtatoer to Sy^;Zid^ «? «d^.ed- tl« elS tavTlS^ ” nSch 1079 and WiSch 2081. 

shcS^of a^?Hr.rSd ®P""® be succMded by quite a - ^ of damap ^ enough’ growtii^to fields in But cow numbere leU ?by less 

cS“®- “mething a great deal worse, hedera^tr^ « whicH they are wSteSTfi? than 1 per cent and -.tiiere wm 


; He .is dead now, but I thought leases. Where these tavef^en yjem ^ substantially reduce «tually a ^ight increi^. in 
of him last week when I they cover the sou for quite a their, appetite for hay, Thk is ororall production. 


i«ifcisterohTuesday;toflndoiit mergers would crtate'more “® latest unsold stocks position . aom a goveniment leg^ travelled down to the West ^stance ottand^ stresses just as weU because Mhy quaUty some or tnis lano is oi gooa 

^ the International Primary lOpw Country after the freeze we the emerging cereal plants, this year is not very ■ depth and quaUty. capable of 

w how the precrarame Tho»» ^ , Aluminium Institute. Producer per ^um over the neart endured in imd-Januaty. This is quite a serious matter ♦*« • a Jtighjieldsifdiseasesarecon- 

of ingot in the non- Jro years rfter protracted nego- Everywhere, except following and one the.environmeiitalists “2*4“ScaJit trolled. The attraction, of taxn- 

. j. . ■ . . communist world fen for the Sogar floods, grass and the au tumn take insufficient account.. Why . J?u™g* « tiie jjjg jq arable farining from the 

so«n<^^kv,ej^ yH,^gyery Should a .farmer .smd__ae daily choira of 


Some of land is <of good 


-and^ .!>« sttessed the ings. Cash tin closed £40 a at tte year’s ’ end. Cash trous decline in production^ January and first days of prominent view in which the But Je avmlahmty of fungi- one or two who tod trfcen 


iyu^^sh^d^to done in. a . tone down at ^ and tin for alnroimum VloUd teUindoTat iSS*toSSS S SSl SS 

hardship, three months deUvery lost £504 a tonne— a faU of £1.50. weather. Export ean^S from , This vm 


‘•22pf/r6 


jSpffee futures stage recovery 


environmental lobby could drop cides has changed edi that, the plunge were confessing -^at 
its contribations. Cereal diseases can be controlled they -did miss the monthly 


weather Export eamines from This was so even on my own its contribations. Cereal diseases can be controlled they -did miss the monthly mzlk 

the nrinciwa cron dcelteed bv an: altitude of I saw .no cows out to grass and in some areas iit seemed to cheque and they were appre- 

B$45m (UX82.5m) compared ®9® ft. is one of the roWest even in the South Hams of me every sin^e level field was hensive of the EEC's threat to 

vithiofio places m the south Of England. Devon, but there were . any ploughed and m to autumn sown reduce srain prices in real 


M- -A..' ' Au • ^ crops bad toe into amount of Jambs already in the cereal There are of course djs- terms to world levels. 

m Adams said urn industry the land rather late,, but they fields with their mothers who tricts where soil to®* lack of What did this mean I was 


••••:■ ’ •• lost more than ^Om on la^ appear to have grown ixnder the were' quite obviously getting ail good dndnage, aiid steepness asked^^l could give no 

and when this finally their living flrom grass. I wish prevent arable farming, but the answer ezcent to say tba 

"cvwBTa PTmTPirq raiiuM fnin\ **.« rar> u . « . . Li i « nST® a thawed aw8y it left the top I could do the same with my boundaries of cultivation are fl,e last two centuries 

on . OTd the IBC hoped to year was a prefammary caJcu- ble^ l^e deficit for 1982 soil much dried ttan I would own flocks but an ewe’s preg- being extended. Britain's -wheat farmAn iian nmaiiv hae 


no dear 
-that over 


:'i«ie -LODdaiE,'fataFCs-Aarket yes- present its first formal estimate lation. 

after opento with heavy of the frost-hit 1982-83 coffee The' revised estimate should 
teflfictmg an . overnight harvest by the beginuing of be near or sUefatly above this 
’^gell^ m;isrew Voric. March. level, be said: 

-.L <^®o -'^toed Sr Bainho, who is attending However, the sharply reduced 


^^o:£l,2^‘.a tonne .in the' morn- the U.S. National Coffee Asso- 1982-83 harvest -will not affect EEC ' 
l^-bnt ended the dv only £10 dation Convention, said the Brazil’s export goals. Brazil Mr Adams said 
.^flwh £1,268.50 a tonne. The to 15m bag estimate has enough coffee to fulfil its were of a maifHngiiy higher 

^.Sad nearly wiped out announced. by the IBC immedi- export target of 17m to 17.2m production figure for 1982 
(siHTtoesday^s £34.50 dre, which ately after the severe frost last bags for calendar 1983, he said, althou^ his government is 

•?ted . ■been^^encourag^- fay a — aiming to push production up to 

tight nearby supply sltnatton. , -r r^r- a ’ 150,000 tonnes a year. 

French claim UK farm - - 

subsidy IS greater . £320m boost 

• / y^ erdar. U.S. values then ■( O * 

dipto hai* again but thas . BY' but COMMODITIES STAFF -lOF ijpfllll 

.trmid vras not followed in - 

''£dndoa.' ■ BRITISH* farmers axe more Federation Conference in East- ' MADRID — Spanish Agri- 


„ . , L, , „ thawed away it left the top I could do the same with my boundaries of cultivation are fl,e last two centuries arable 

lar was a prefammary caJcu- for 19^ soil much dried tiian I would own flocks but an ewe’s preg- being extended. Britain's wheat farmers had usually been the 

liS.”- --J ^ X. ' u t.. B*35m, he said. have thought possible. I was nancy Js inflexible and cannot area grew by some hundred to differ in a depression. 

Tne revised ^timate mould Barbados produced just under encouraged to think of top be altered in mid-passage as it thousand acres last year, much History has a habit oi rebeat- 
' sugfauy above um 95,000 tones of sugar last year dressing with nitrogen but after wer& Mine have been mated to of this in western England. jog ItselL 

rel, be said: which earned the country treating two fields the rain begin lambing about February This mnarkable switch in t i. i-i-u • -* 

M B$9lm, mal^y in itoorts to the came and I had to stop. ^ by which time no iteubt tee fanning systems lias not affecto . JOim C/DeiTUlgtm 


BY out COMMODITIES STAH^ 


£320m boost 
for Spain 


BY BRIj KHINDMUA IN ^EVA 

THE Common market is 


ciMVtAL a nan « ivnacwAa ajs « . * _# 

I by which time no doubt tee faxto^ systems lias not affected . JOlm uQeiTUlgtm 

Common Market resists export F»onda orange 

crop reduced 

discussion on ' I orange crop is estimated , at 

•* O' ’ 136m boxes, down 16 pej cent 

from tee January 1 estimate 
and . 21 per cent below last 
- ! season's total. the :U.S. Agr^- 

The Americans dispute that, are a necessary step before a ture Department'said.. - 


BRITISH'' farmers are more Federatioii Coirfetence fa East- 1^ — Spanish Agri- struggling to prevent distosion interpretation - of the Tokyo pde dispute ^ to fa itecrop reporti the^art- 


st-between lflm' asid 18m bags - MonsfWr J. Tinnai, the Agri- The Ministry of Agriculture for agriculture. munity’s agricultural p< 

- f60 . ktiogzaans each),; down Cultural Attache, said yesterday said yesterday that Mr- Walker’s - It is aimed primarily ait creat- unfairly finhaMiga exports, 
'teimdy. hecetoe of' faost teat average aid per farm was figure was based on agricultural ing 150,000 hectares of new irri- . . ‘ ._ - 

. .5 ” ^ r ^ A .*• • » a CAmm* iTfkmtmimnr #1 


munity’s ‘agTilktoal^TOlId^ to ofter top level talks with deciato-takto 

unfairlv enheMica exnorts. U-S government about ooun^ and if needed appoint sfe off 8 per rent from tee 

unfairly sutoidise exports. on^ofag U.S.-EEC^e dis- ^ote> Jamary forecast to 82m boxes 

A senior Community official nuM^Ati uq was wmnv whether GATT rules are “22 per cent below last season, 
said in Geneva there was no being violated. 

question of wpening ^ree- EEC food exports violated Gatt The U.S. would like to include m nIJ Sl,f 

S a review of f«d_t«de p«b.?n« “d^^^^r^efowTe^^ 




: damage, from the 32^m in France against £2.904 aid as a proportion of total ^tion. improving 125.000 " ommai putes, saod the U.S. was wrong 

‘ toduced in the 198i/^ season, in Britain. In terms of farm government spending. hectares of existing irrigation, >0 Geneva there was no in alleging that subsidisation of ‘ 

U. Stotts Renter. workers the French aid- M Danel admitted that ex- modernising 10,000 hectares of *1“®®;*°“ of wpeniog ^ree- EEC food exports violated Gatt 


'■[ •The departsnto said .tee amounted to £1,050 per faea<t pressed as a proportion of total farms and creating 50,000 jobs. Jiff**®** Tokyo rules. 


i -;lestimate was based oniaii exten- £50 less than in Britain. agricfatural output French aid. He said 39bn pesetas will be ,^®® package— on agn- 

ti ghre Arid survey by ftie U.S. These -figures dispelled the at 15 per cent was nearly in the form of 10-year loans issues — completed m 


- agricoltnrai dEBcer in .Rio-.de myte. of massive agzicultux^ aid ' double Britain's 8 per cent 


Tying 7 .per cent interest pro- 


fa 1981 the French agricnl- vided bv Spain's seven major 


The U.S. has not yet formally in generat including impUcft- 1981 season^ 
complained to GATT about such tions of the Community’s com- Production of Florida temple 
subsitotion, but It has begun mon agricultural policy, in a oranges is forecast at 3m boxes 
consi^tions wte to Com- aun^erial level conference of The department said most of 


Janeiro fa Brazil’s main coffee paid te French farmers, M fa 1981 the French agricnl- vided bv Spain's seven major The U.S. theo agreed to accept consultations with to Com- ministerial level conference of The denartment said 

uefag states of Parana, Sao Danelsaid. ... ture budget was £2.59bn, some bau.ks. The ether 2ftbn will be subridisation of food and aipri- munity about EEC wheatfiour GATT due fa November The the State's unoicked ternm^ 

Paulo, and Minas Gerafa - Be zoade particular reference times Britain's £724ni. .but subsidies from the State’s^ cultural exports provided tee exports aifa is seeldng slinilai* conference, the first since 1972 suffered severe freeze damam 

Vfa Boca Ratui. Florida, Sr. to a statement tv Mi; Peter M Danel said tbfareflected tee Institutn de Reforma y EEC -did not comer more consultations concerning - Com- vrill set -guidelines for future fa mid-Januarv and su^ie« 

fetavio Raiiiho. pr^d^ of Walker, British Agriculture greater -size of Fiance’s , bgrt^ Desanvllo Agrsrio (IRTDA). :than eqmtole share’’ of foreign munity sugar -exports, -f ' internati6nal:trade talks forto for fresh shinments will h*. 

Brazilian Coffee, fastfaite , Minister; at tee British Turkey cfature industry. , ' Renter. . markets, he said. ' Such bilateral . consultations rest of tiiJs decad^. , • , J 'severely limit^ - 


Brazilian Coffee fastfaute Minister, at tee British Turkey cfature fadu^. 


Renter. 


markets, he said. 


: 11. ' 


^ cBRITISli ^MMdbl'IY MARKETS 

* r , * . • • . • .*•’•** 

k'DACI? HAiFnnAT G 'm.900, 50, iKtB-fab C8J500. ••riyMM•ra^ 

: |AAdJh«-iyilhXAJjd . .a.4C», Aim liMritfts £7,950. 40. 30. m. 

i lASE-METAL rillCES VM'n moemi on - 1®- 

j ew London IMil ExcKonao. CfwuMtr tow^ab 0,460, thms months £7,910, 
7 7.900. 10. 30. '30... Tornoven 4,125 

/ ^ rumours of praMms at Toquspals tonnss. 

i *flr Peru, but *wed bade to close si =5 = t"S — gln~ — +Vr 

- SS: fl^y 046 hedflo uu^o. Offlelal — UnofTlelal - 

&Wn0 wea ebsoitsd by <fub buying - - -- •- 

fflisrsst. Spsculstivs ssflliig left zinc .£■£.£. C ' 




Offloial — Unefftelai 


Spot....-:.309S100l-f-Z 5UO-S5 U-ilD 


f^'DATPlJC buyfr, sslltr, business), 

\3rJI\riJLL7O Ausrrslian cents per kg. Mar 507.0: 

BusifMtts dons— Whsst: Msreh 111.25- SK-®--??:®'?’?-®' JSJ?' 515-®' 


5915.26 and nidcel at -0.157.5. 


LEAD. 

ajn. 

OfflelBl 

■* ot p.in. 
Unofficial 

1+ or 

1 


. £ ' 

332 . 5-3 

£ . £ . 
1 — 6,6 ■ 535-6 

£ 

- 2,6 

6 rooiTttia 

. 343-,5 

- 4,6 348 . 8.6 

-.25 

SetUemt 

333 

-ej — 


U 3 . Spot! 

“ • 

i. raa • 

1 »... 


^ 3 months '313S-3 I- 


monens oiao-o j-s 1 3165-60 [+18.6- 0# 100 tonnss. Bsrley: M-rij, ^WiSV 

! — : 107.35. May 110.60-110.55. S«pt 102.2S- 

*Csm per pound. 9KS pw kSo, 102.10. Nov 106.00 only, Jan 1Q9.7S 


ni.00, May 116.10-114.95. Jlrty 118.B- “'-g; 

II8.S0; Sept 106.50-106.45. Nov 110-15- ^;®- 

110.00. Jan 113.80 omy. S^Hes: 232 lots S38 

id ton tflnnsB. BaHnu: MnrAh in? (:•%. “r7-5. 533.5432.0, Sssy S36.5, 


order: buydr, asllor. business). WOTn? -/vv ]- a 

Ausrralian cents per kg. Msr 507.0: JT JAXk.>'l!i 

S09.0. SC9.0-507.0: Mty 518.0. 519.0. , ^ j 

B19.C.618.0; July 5273. 52S.a 527.9- 1“ «»»••• otbenartss silted. 


AMERICAN MARKETS 


NEW YORK. February 11. 


Uvs C»tti»-^eb G(i.25-&«.36 (64.35). 


537.5. 536.5: July S39.a 541.0. 5413- 
639.0. Seles: 307. 


t Ob pmvwiM BBOffidsI dOBB. 


only. Safes: 105 lets oi 100 torniss. 


.U s d Morning: Tlirvs months £344.00. 


GTf VIT'D WHEAT BARLEY 

OUj T JhJA. 'lYostBTd’y* -for Yest’id'ys.-f- or 

' Sihier was fixsd 5.4p sn euncs tower Mnth I olosa ; — eiess — 

for epor d eN ve r y In the London biHWon ' 1- ... - — . ^ !— ■- 

rrarkst ysstPF^y at_4SA5p. U.S. cent !.«« 


SUGAR 


LOr<lDON DAILY PRICE-^iw sugar FreeMlet 'StOSSillK— IB iSlMMl 

£163.00 (same) a tonna eif Fsb-March Copper • ■ _ !___ 

shipment. White sugar daily price h grade...S8OT.28 .-1-5 | £858 


la tonnes uiUtss otberwriss stated. - PRBCIOOS METALS sold off sharply on April 62 80-62 K (S3 '20> June fit Tol 

■limpurs of ecu-vstifig an 'Imsmstienal slm. 

8^ stsiKterd which would ulttmataiy Ow SB.9S. 

Feb. 11 .+ or Month Hogfr-Feb 50.30-50.00 (50.77), 

1983 1 - ago , 46.50-56.35 (46 95). Jons 48.90- 

■ I V* ^J***®** nwlals. Higher cash prices 48.75, July 49.70-49 35. Aua 48 4S-48J5 

i m addrttpn to nimours el OPEC Oot 48.75 Den 4840 

, . , I *** March ‘ZTI-2711,' (271*i). 

lalalt I coffipirufs led to short eovsrioq in iabv 292U-28 S JiHu •«» 

lumlntum 6810(816 ......„'fi810/8iB heating oH. The hvssceek complex wm ^ 

FreeMlet 81095/1125-18 1811001130 genetelly tower on -sxpsctauona ol 


Metals 

Aluminium 


WsiMimiy nmnr on -npSHBUOns Ot PnriE Bellian—Psh M 55.01 40 r?n onT 
"M: Ws«h .fiS.23_^.10 (69:70), May 6sS: 


^MttlcnYt 

iatlwdsa 


Oash 863 .C 


SfflontHs aOlA-SH-JO 8934 


.8646 +4A 


Satusmt 

&-Prod 


—I •TSA-IS J 



a.m. rh of • P-rn. |4* 0 

ziNo ; 

Official. 1 — . Uneffleiall — 

- • 

; £. £ £. 1 £ 
460-1 .76 46S-,6 -2JS 

nnali 

8 montha 

464,5 —j86464.8-.75 -As 

S*ment.;„ 

Piimw'ta 

461 -.6 f - - 

I r*42.7S-3.75 1 — 


ashhgrade...S867.25 -1-5 Ue858 Coppsr-Feb ' (72.301 Sfarch 

3mths :.’£B96,25 j+4 -£686.95 71,80^7195 (72 70) April 72.90 Mav *>.**>7 68.35-68.1 0, Au g te.gide.TO. 

sshCathede..:£565 -t-4.6 [£869.25 j'uto^’so!^ tSqyabeans-Manrt 829*8.6281,(8821,). 

SmttlA i89S ;-i-4 tol.26 StSb Jan 66*464*^ 

DM tray .-I ^6 -j^ m 

*adCMh,..:....:£335.5 ;~2.sto^.5 

Sntths. £345.78 :-0JB *337.76 J^A)- ‘ RSeyabean MsaJ-Mah*' T87.7-187 8 


(673-^) 

(eaZABTC). 


'^Afflilgamatad Meal oading reported - — 42.76-8.75 — Spot., 

to jnorning raeh. U^e Zfno-Moirdng: CaMi £461.00, 60J)0, * "lor 

jmM at thrse Btotittie £466.00. 66.00. 84.60, 8"»« 

-•fits 2^:5?' «•«>• «.00. 64.50. 64.00, 64.50. Kerb: 1S!3« 

».5^ 9^. 84AJ. Cittodes. thw . -nirea months £464.00. 63.50. 64X0, LIME 


SILVER 

Suiiien 

-i-'ei 

1 i-M.E. 

or 

per 

fbdna 

~ . 

! a.m. 

— * 

troy Ob. 

' price 


jUnoffie'l 

I 1. 


'^Hd irons ■ opened stightly higher 
and new crape unchanged.' Some 
short covering was caused by Onner 


£ pertoAne 


Free mkt...'...jk.:860fS90c 


PlBtin'nritr oz'y£960 !.........i£260 

Preemkt......-£801.50 i-i-0.1 S194-.55 


379 9 rnofi^i Anni omfvmV {rilL MuoyaDean Maaf— MatWi 187.7-187.8 

! 393.0-393.6.- Aitg -403.0, Oct 412.7 

I 422.7, Fab 432.9. AnrU 443A June 


422.7, Fab 432.8, AprU 443.2, June 

453.7. Aug 464.2; Oct 474.9. Dec 4S5.7. 
*Pletimim-^prU 371.0-372.0 (379.1). 


195.0.' Oct 195.2, Dec .197.5-199.6, Jan 
197.9-198.0. 

Soyabean Oil — March 19.08-19.07 


SpoL..:.....K62.46p -6.^467p 


J477.98p 

J49S.60p 

3s86.96p 


462.76P i-ljp Jan ll8S.59«6.00:1MAIL85.001BS.OO-a4.60 3mths ^7910 ^117*5!®®!^-® Nov 78.6-80.0: Sotos; 278. 

r-- Ste'itlS cJaWcTe^ tor toe tik. M««h|189.45-g.6ft^^ gsHvsr-Fsb- 881.0 (87S.5). March 

— ...... ktew 18I,50-9S.7B|180.80-S2^ — Wnir,tn9a SMiMiaiM,i») i miBeitSB aeen.enn <aan nt aii e 


M^^y F;bni.;y- is (blsld' 


3mths £7910 |-117j£ai32.5 Nov 78.6-80 0: Sotos; 278 Msrth 22.66. 

TSIiver— Feb' 861.0 (875.5). March tWhaat — March 370-369*1 (368*a). 

Wolfrtn32.4llbs!3128/130 j _..i8184M28 865.0466.0 (880.0). April 877.6. May 383-332*, (382^), July 392. Sept 


?* *"■ HGCA . calculations using days Sales: 3.582 (2,428) lets ot SO 


toondn 38^50. -84.50. Altemoen: <^esh £46.00.- thrse 10,000 cwi- Morning: Throe months • exchange rstsa) -la axpeeted to remain tonnes, 

ahcee montti £8M.oa ^.50. 84.00. moitths £464.60. 65.00. .Kerb: Tliise 477.5. 78JL. 7B.5, 79.0. Kerb: Three onchangad. Tata 

eitarnann- Uwrkmr Qnd« - tfaraa tnonUia.- .u. m> v ___«ka .m A- vn B a(*b.»..i>. .ki^a -. .-n . ...Mi ,, a >. . 


Aitsmeen: Mioher Grade,- three months.- 
- te86.50. 96J», -97d»/ 96.50. Kerb: 
Nfai tor ' Grade, three 'montlis' £89^.00. 
.2, p&^-SOj '9S'jOO. TurnovsR tonnes. 

! a.m.^T+” oif “Sni^ 1+^ 

T7N Otnelmi j — . |HnofflQl«l( — 

High Grade' £ ' I £ j ' x • £ . 

-Caslt-,..-. 8376-80 —20 ‘ 894G-50 -40 
. ‘*0%months 7970-90 :-47.S 7905-15 -117 
’ IBIMUBm't 8980 . — 

SSlsindii^ ' I - ' 

: . lOuh ...... 887040 1-88 1 8940-50 -48 


monthe £466.00. 64.50. 64.00. 'Fumeven montha 4^0.- WJ. .,^rMon: thrra 
g,g00 toiMiee. montha 4S2J), 823, 82.6, 82.5. -Kerii: 


GRAINS— U.S. 


Tata and Lyle dMivery price lor 
DsrA granulsted basia white su^r was 


3 mths - ')£464.686 t6.62B£485 

Fn^ueera. .MfOTS|9S0L )S950 


968.04170.0. Jan 979.7. March 1001.9, 
May 1024.1. July 1046.3. Sept 1068.5. 


WINNIPEG, Febnrery 11. 
SBqrisy— Match 127.10 (127.60), May 


Alumlnm 

iLm.' 4’or 
Offleial — 

p.m. 

Uneffleial 

■i*or 

' 

£ £ 

£ 

1 £ : 

Spot { 

593-,5 -6.SS 

693.6-4,5 

—13 

3 monthsl 

615,6.6 -«.76^ 

^ 6X&.5 

'—8 


montha 4SU, 82,3. aZ6, ri.5. Jf**: Northern Spring No 1 .14 per cant Feb C374.00 (saina) a lonna fob (or home |883^ 

thrse memhs 482.5. 83.S. 83.0. 82,5. . 120.50, Msr 122.50 transhipmant East uads and £278.00 (same), fw export. • J- 

Coast sellers. U-S. Hard Wintar International Sugar Agreement (U.S. irjiy^- 


(8847.5 

IS670 


Dee 11014. Kandy and Hartnan bulhon 130 (» rr-Mna), July 133.10. Oct 135:40, 


spot; 868.00 (8Q.OO). . 

Sugar— No. 11: March 13.50-13,51 


13*3 par. cam Mar 118.50 Iranshipment 
East Coast quoted. English Feed fob 
Futures remauied hrm in active con- Psb 112.75 petd East Coast, Fab 113.C0 


Coaat sellers. U.S. Hard Wintar International Sugar Agreement (U.S. !r!!rr r:^ 

13*2 par. cent Mar 118.50 Iranshipment cents per pound) fob end slowed tn"®^*n i®**“*t 
East Coast quo»d. English Feed fob Caribbean pons. Prices for Feb 10: S*”* 


All cents per pound ex-wareheuse 


'1'b'“‘1s 515 (1342). May 13.63-13.66 (13.58), July unless oihenwitc slated, •£ per -troy 

■^6 IS515 13.77-13.79. Sw>l 13.92-13.93. Oct 14.10- • — - .T. 


7 Conte per troy puneo. 


Irox-b Ae ba« mj, ml ^ t ditions ss- fufthor coRSumor offtake ‘Bsller Eaat Coast. Mar. 114.25, April/ 

^rrf: -f iB^ ) g absorbed trade hedging ;of modest Jum 118.00 seHers East Coaat. Malse: 

mofitM 615.6-6 -4.76 6Z6-.5 ^ producer qetes. Comtniaslon house French Feta 133.5Q. Msr 134:50 tranship- 

; : * : — - qraEtrOMiig paired She gains, reports ment Eaat Coast ssUerc. Barlair: 

. Ahminiiim— Monripg: •Thrao montos' ®U and Deffus. ■ English Feed fob March IliOa April/ 

— ^ 114,50 sellers East Coast. Raat 

‘unquot^. 


5ri5:“"p;ica*~;.iVor (^^^ . Ts-di; 

average 13.23 (13.22). ^Bbean(0.SJ6860w 


-1-5 8346 

! ;.;6264 


14.12, Jan 14.26, March 14.65-14.70, 4$ Cents per 5&lb bushel, t Cents 
Mey - 14,^14.85: - -July 14.^15.00, per 60-lt> bushel. || $ per short ton 


£816.00, 15.50.. 16.00; 16.00. 16.57, 17.00, 




.aaettiaint 8960 p-sa; . 

- ZtraltiE. tS34:,16-H-85 - : — 

.aWawYor W — - i - ■ I 

Tin— Morning: Stendsnr. casta £9^b00, 
9C®90, .80. 70, Inid-Feb £9.000, mid. 
^Wareii £8.200. torse montos £8.000. 
*"T.960. 50,'-66, 70. Kerb: Standard.- cash 


£815.00, . 16.00. ■ 1530. 16.00, 16.50. 

17.00. Afasmoaa: Three months £6184X7, 

T7.00. 1630.' 16^00. 16.50. Kerb: Thms March- 


NIMwl — Manring* Thms months PsclII 


^9370.' 50, tores moMtae £7,M5, -7D,' £3.135. Aftemeon; Thm months £3,160. leai.gg. -t-9,a' iBaO-a2 


-60, 55; 60. AHamooq: Sranderd, cesb 60. 66. 60. Turnover:’ 516 ionnes. 


BASE LENDING RATES 


Yea'rdapa 

‘.CloBe 

+ er Buelnm 
; — Done 

1815-16 

-i-6.0 

1834-10 

X172-73 

1178-80 

-aji 

-3.5 

1186-71 

1192-78 

.118769 

-1-0.6 

1199-66 

1806-06 

■•■8.0. 

1812-04 

1281-22. 

-1-8,0 

--.1.6 

1230-22 

123068 



COTTON 


Grains I ' 

BaneyPtJt.May(£11036 -i-030:£10a.65 

Maize ...tel35.50 ; 

Wheat Fut.M^116J70 -i-0.Z5lfill8.7S 
No3HardWinti£n63ibc ^118.00 


Sales: 7.025. 

CHICAGO. Fsbniary. 11. 
Lard— Chicago tooss 22.50 (same). 


o t^D lb). §SCnn. per meiric ton. 
54P per 1.000 so (i. f Cents peri 
dozen. It $ per metric ion. 


LiVStPOOU-Spot and ahioment ; 

sales amounied to 170 tonnes. Useful other. [ . I ' 

denvand encburrtsrad. but actual turn- eonimedlties i 

over was rather stack. 9uying was Cocoa ehlp't* £1856 i-t-S !£1837 
rrvaliwy m tegular growths wanted in FUturv May E117S3 |— 2 |£1190. 
North and Sguih American q'ualltiaa.. . Coffee Pt* Mayl£l£683 10 Sll4g! 


Wednesday's closing prices 


NEW. YORK' February 10. 


Orange. '.Jutes — March .137.60.137.90 


tf C o c G S March 1953 (1961). May (136.15). May 141.00-141.30 (139.50). 


May- I 1*3 059 i— 1.6 I 

Sales; 3,1S (Z197) lota.ef 10 tonnes. 
ICCO— Dai^ price lob Feta 11: 95.89 
(95.66).' Ipdictter 'price for Feb 12: 
95.64 (95.29). - 


r ■ WWBI «■«» AdillMl Siacib. SM/Miy WflJ gQCOG tniPT* LSX890 r + 5 (£1837 «vtoBV. ewisi^ i wwiuwi/ •%*, wi*e»s|o.MPwn«V « IW4|l«a| . l 

'RTTItllin} ' mainly In tegular grewtha ' wanted in FUtur«Ma^ll7S3 -2 |£11903 rt C o c e e March 1953 (1951). May (136.15). May 141.00-141.30 (139.50). 

North and Sguih American q'ualltiaa^. Ceffee Pt* Meyl£12683 |— 10 Sl-1493 2000 (19BB), July 2025. Sept 2062. Dee July 144:26-144.50. Supi 14830. Nov 

The London phyelei] market opened Cotton A.lndex|70J)5c -0.1 89.60e 2037. March -2112. Sales? 1.240. 50.85. May 151.80, 151.85. July 152.10- 

aiightly eeeier. -etuacted little Intsrasf Gas Oil Mar. ....-3271 -r3.ZB{&315.75 • Cedes— "C" Contract: March 166.51- 152.60. ' 8ales: 1.200 

throughout the day and closed idle. POnTA'rOF'Q 'Robbee (lu'toi...!47p '._.....,i5035p 158.60 (154.73), Mey 139.75-141.00 CHICAGO, -February 10 

Lewie and Pam recorded, a . March fob a v Sugar IRaw)....:£168ir ! |£167 (142.82). July 132.69-132.7D. Sept Chiesgo Imm Gold — March 386 5- 

pries tor No. 1 RSS In Kuala Lumpur or LOhRTON POTATO FUTURES— April WoeK'peMe kLi387p kiloj-i-5 |S79pklle 128.50-130.00; Pec 125.00. March 123.00- 386 0 {382.8}, June 401.3-400 7 (396.9) 
203.0 (203.75) cent a* kg and SMR 20 opened higher on a fimrai Amswidam tUoquDtad. vApriL wFeb-Maich 123.01. 'May 117.00-123.00. July 113.00- Sept 415.3. Dec 4S05. March ^ 1 


^ Gas Oil Mar. ....;3271 -r3.SB{&315.75 - iw wwiibr«toi. imaiwxi 199.3 !■ iae;.QU. OHies: 1.AJU. 

POTATnirQ Robbes ikitoi...!47p I Is0.25p 158.60 (154.73), Mey 139.75-141.00 CHICAGO, February 10. 

Sugar IRaw)....|£^ir | ,£167 (142.82). July 132.69-133.70. Sept Chiesgo Imm Gold — March 386 5- 

LOhRTON POTATO FUTURES— April WoeK'pel4B HLiSSTp kiloj-i-5 |S79pklle 128.50-130.00; P«c 125.00. March 123.00- 386 0 (382.8), June 401.3-400 7 (366.9) 


-”C*’ Contract: March 756.S1- 162.60. ' Sales:. 1,200. 


158.60 (154.73), Mey 139.75-141.00 

(142.82). July 132.69-133.7D. Sept 


CHICAGO, February 10. 
Chiesgo Imm Gold — March 386.5- 


, r-_ AJ8Jf- Bank .14 % 

AUied Irish Bank ...... 14 % 

3 ^ - American Ezpxtos Bk. 14 % 

Q Amra Blink -i 14 % 

' Beoiy J^badier 14 % 


Robert Fraser. 14 % 

Grindlays-Bank :..m % 

I Guinness Habon - 14 % 

IHambros Bank 14 % 

Heritable & 'G«!l 1Yust-14 % 


180.5 (seme). 


No. X I Yeet'r'ys Prevleue i Butiness 
Jt&S. close : elese > Done 


market end .n active trading roaa fur- x March. tPer 76Jb Sask. 
toai due to Amsterdam. February and ctacira. a Nominil. 8 Sellar 
November slipped alightly during the • *«»«■ 

day. reports. Coley and Herper. Closing 
.prices: April 132.20, +4.80 (high b— 


X March. tPer 76-lb Sask. • ahtoa 123-00.' Sates: 4.16. 


June 462P. Sept 478.1: 


Aibntenot Latham. : 14 % - REill .Saimiel ...1....;:::...514 


"COFFEE 

Prompted by early commission houas <8.28-48^01 48-28-48.88: 4B.M 

telling a technical retrecoment attrseted . ^^no 40.88-48J8 4a.1O-49£0' 43.20-48.10 
V3dB and daaler aupport £t the lows, ji^pt SLTILBZJO 5L7D-5L80| 5LBD42.70 
reports Drexsl Burnham lembsrt. 'Pet-Dee 66.1668J8| UJULMAOi 53.28-68.88 

- -- 68J0-6SJUI 6SJB-89A0 68.40 


Associates. Cap- Goip. 14 % 
]^co de.BDbto ...... 14 %• 

BCCi 14 % 

Bank HappaUfa BU 14 % 
Bank Leami (UK) pie 14 % 
Bank of Cyprus ...... 14 % 

Buk Street Sec. Ltd. 15i% 
Bank of NJ5.W1 14 % 


C. Hoare'ft Co: .' tl4 %- 

Hongkong & Sbanghai 14 % 
Knowsley & Co. Ltd.... 141% • 

Lloyds Bank- ;. 14 % 

MallfahaU" Limited C..H% 
Edward Hanson & 0>. .Iff % 

Hidland Bank 14 % 

Samuel Montagu 14 % 


COFFEE 


/asterdeor si 
Ctew . .\ i 

t per tennal 


f. or Buslnei 
— Dona 


EUROPEAN MARKETS 

32.50. low-128.00); Nov 67£0. -0.70 ^ ®8retien 8.00-8^:. ... , 

high 68.20. -low 67JD); Feb 78.50 iqrian. Jtor pound PaMBcrasssne^. D.1 ^ . roTTEBOAM. February 11. No. 2 Yellow. Guffports: Feb 254. 

high 79.00. iow 78.50). Turnover; 940 African; 3g l-4.D0. wheat— (U.S. - $ per toiine):--U;Sr March- 254. April 258, May 260.75. June 

760) lots ol 40 tonnes. No. 2 Dark Hard VlCniar. 13.5 per cent: 264, July 265.50, Aug 267, Sept 267.50. 

03MM EJdSSdo OM^SO SoSd 'Oct2«.SO. Nw 

030DM !«• <J.S. Wo. 2 Red winier: Feb 15/ Seyamoal— (U.S. $ per; tonne): 44 

M£AT/V£G£TABIJES pickewne 0.35-OAS. Qeiriou 0-3M^- iL®' . 


MEAT CONUUiSSION— Avenge Fat- 
stock prices at representative markets. 
GB— Cattle 100.66P per kg Iw (-1.4^. 


4 SDdIs W,dfab«"e3^ !»• >J-S- "«• 2 ^ Wintar Feb 15/ Seyamoal-(U.S. $ per tonne): 44 

pfflSni 0^!SS qS;^' OJS®^ ■ Feb 25 /March 15 per cent protein: U.S. Apnt/Sept 

ABttoe^:^rtn: oaT^ March . mTS, April. 173.50. 231.50 traded. Afloat 239. Jan 239 f^b 

0.3GD.40. ' Grapes— Spamsh- Aknoria ® winter Durum: Feb Zti. 237 Marsh '228. Apnl/Sepr 232.50', Nov/ 

ll^zVsm: Biwiimn: March 209. Apfil/May 166.50. . June March 241 seflera. BrB^_Pjlteto:_Peb 


I March.. 135041 

' May 1268-48 

I July 1819.20 


135041 -43.511568*1348 
1868-^ -ioniz78-iao 
1219.20 —16.5 1233-1819 


-lOnifTS- 

J|*gg bitlolHSinsi wereri^47-^ (same): March JSTt^ gc^h^L-iifd^^fm .o!60;''spanteh'"or6b:''ljis.''“ SipM». (fct i%‘‘NBV 19ff. Can l^-i2?5. ' Mayn292-T3obrjihr-^^ 

■nS^..;....m 1«1-S6 j-Sl-WlKK-ll* i»anw): Aprd. 48-SOp- (tame). littllMe— 8. Airic'en: Per pound 0.90-" Westam Red Sptihg. Wheal: Afloat 223. 131^. Eepi 1316-1326. Dec . 1340-1343, 

Januw 1180-M -aiJJi - »W««.-Speni9h: Green 10-kq Aprd/Mey 214. ' ' M7rrh-r»45-1363. May 1356-1360.-' Seloi 

•SarSK:....:. H764» -ImI - ; • YS’a °“!®-!LW-J2S laco: BrazHIen: .Yellow 9.C9-11.00. . Maize — (U.S. S' per tonne): U.S. at call: 2. 

”&IM* S7S9 (10688V lots of 5 CAVAItlT^I^ AT imirti'toO s Plneepples— Ivory Coast: Escli 0.35. No. 3 Com-'Yc'»nw: Aflotl 'IZ-V. Ffb ' Sugar^(FFr per tonne): — (Btinto 

tuMM • ’ 5>UxAIHl.^J> lYUJ^Al^ Bansnee-CoJornbian: Per pound 127.50, Mareii 126.50. April/June 127.50, =030-2025. May 2025-2927. July 2^ 

IM indieetar prleeg for februery 10 The meritw opened around un- p? mn « 0.l94).a). Avoeades-U.S.: Large box Jufy/Sept 132.60. O^/Dee 136, Jon'/ 2055.' Aug 30ft-2074. ba. a653070. 

(U.S. cents per pound). Comp; dally chenged, reporte T, C. Roddick. 0 j_q Perk: English under 100 lb 40.0 I'i? **iy*'' 5'S2" - J®®* sellBU. . Nn 2^-2070, Dec ^ 2)60-2070;, Mareh 

1979 137.33 (133.37); IS-day average Weaker sterling and cemnuosion house 1(^120 (b*46.0 to 55,0, 120- e'Si • • nm/feA. Soy^eerw^U.S. 3 per tonne): U.S. 2100-2102. Sales at call^ 8. 


1. w -joy Tbompaoii S AfrtMn- ' Aug . 189, Sept 190. 254.50. Mareh 252, Aprri 241.Sa-.May 

Setae: 138 (TO) hUa ol 15 tonnas, M -joi® pf?*ko^1w Ben HVnneh l^foi^ 5 the 'Ui®* No. 2 ^i^rn Spang 14 par 2W.50. April/Sapt 241 sallert. , . 

» (47) tots ol 6 tonnes- ®® "8« ®®-^ *8 >* Vineyard 5.8C-6.C0; U.S. Red Emperor OB"*! ®»®* m.Aprlf/May PARIS, February: 11, 


PhysicBl oloeing prices (buy^m) 

«.«• Mint eTOOn (samal: March 48.750 _ ®MITHFIEU>— -Pence per 


0.5041.60. Strawberries^sraeli: 0.55- I*®-. ^“9 ''®?' 


-Jr.Buqoe Beige Ltd. 14i% ■ Morgan Grenfell 24 % 

io- Bancme du Rhone et de National Westminster 14 % 


^ Banqae du ^one et de 

, la Tamise SJL 144% 

' Barclays Bask 14 % 

. Braeficial Trust Ltd. ... 15 % 

) Bremar Holdiogs Ltd. 15 % 
r ftfatol A West Invest 15 % 

* Brit Bank of Mid. East 14 % 

■Brows Shipiey 144% 

Canada Perm't Trust... 14^% 
Castle Court Trust Ltd. 144% ' 
...CaveDdite.G’tyT’stLtd. 15i% 

- ' Cqyzer Ltd. 14|% . 

—Cedar Holding 14 % 

,■ Charterhouse Japhet ... 14%%- 
tl Ghoulartons 14i% 


Norwich General Trust 14 '%^ 
?. 5. Refsoa & Co. ... 14 % 
Roxbur^e Guarantee 14i% 

E. S. Stewab U% 

SIavenhurg*s Bank ... 14 % 
Standard Chartered ...ill4 % 
Trade Dev. Bank 14 % 
Trustee &^ng5 Bank 14 % 

TCB Ltd.r. '. 14 % 

United Bank of Kuwait 14 %. 
WhJtteaway L^dlaw ... .14^% 
Williams &.Glsm’s ...14% 
Wfatiiist- Secs. -Ltd. ... 14 % 
Yorkshire Bank 14 %. 


-(FFr per 100 kilaa): March 


128AS (127A1). 


buying firmed prices. 


I GAS OIL FUTURES 

qc Pricea opened on toe' hlgtis. reacting 


Gfabank Savings ...... fl4 % ' • 

- Clydesd^e 14 % '.B Members ol the Aeoepting Ifewes 


(Yeeterdyil+erl nuelncee - 



Vesterdysi+ or uusmass 
.Close — Done 

February... 
April 

£ 

per tonne 

128£M5/I-O£0 - 

1SM0-SI.8.-I-OJ6 1St£H0£D 

June,...,..... 

AugusL..y.. 

October..,.. 

IU,4B-»£;+0A^ 1HU0-S9.7B 
1S1,1MT!sl-H0!m 18)^0-31.20 
13t0M2£=4l.10j - 

1R.M.84.0 -rOiN - 

Feb......'... 

1B/l635£.-t-O.SO 


' S.00; .Bratilian: 6.03.7.50: Peruvian: 

160 lb 42.0 10 53.0. .. 8.004DO. Dates-TiHiisiaii: 20s 0.45. 

' CO VENT GARDEN^ricfli for the 0.50; • U.S. . .0.434).45. Tomatoes — 
bulk el produce, in eierimg per peck- Canary: 3.00-A.3C. OMonp— Spsnlsii: 
eg'e except where otherwise stated. • Crane- -3/5 3.SM.20. Capsieumo-^ 
Imparted Produce: Grsnpes— Spaeie: laragli; Red 4.S0, Graen 4.03; Cenery: 
Kavela/Navellnss 42/130 4.20-4.80: Red 3.504.50, Green 3.5C-3.80. 


INDICES = ^ 

nNANCIAL TIMES ] 

OAh ITH B*h. O^WAnth nnnlVasr ann e.»A I m nnTUna an !■■«» 


% February... ia.^J-w.wi jrt,; Shamouti a/16B • 4.7M.50; Ca6bas»-0wch; Wh'M 3.H).3fa. Red I p5-iorpgh: 9 ~ 3iii^ » 


S '®. * Pf^ jP" MiTmelnS imMLMTB Moroctaani Navels 56/13 3.60-4,50. 3J0-4.C0. Cauiiflowexs— Jersey: 16/ 

iy.SflS''"-' iSSSM SeviUps-Spanis: 4.00-4.50. Clemen-. 24a 430^.00: French: 24e 5.00-5.60, 

,^drad egem.en fianeura^ fro m OPK *u9»«*-v ^9-™j m«- 6«L29 *,e,^aniB: 5.SO-0.5O; Mcroecen: Bigllsh Prodoeo! Potetoes-Per SS-lb, 

^ut rewlcilng oil supphes. imona o^ber..... 1g,U«^ . 1/e 4.SQ-6.CD. - Sataum M — Spsnia; 3.80- White 230-3.00. Red 2.60-3,60, Kmc' 

Premier Mag. Dec ^.... . 4^43 . Minnoolas-slaffa: tOfi\ 5.70. . Edwards 3.00-4.00, - Mushraotns— Per 


7.“ 


r i: C.;e. Coates I4i% 

f- Consolidated Credits:.. 14. % 
.. CQri)perativeBaiik...w..*14 % 
... Corinthian Secs.'.,.,..,,. 14-% 

The Cyprus PopulvSk 14 % 
I - Diinto Lawzie .i.'.,,..',. 14 % 

' ii Eagil Trust 14 % 

E.T. Trust 14 % 

i- ’ Exeter Trust Ltdlv..... 15 % 
■ *; 2 '^ First Nat. Fin.- Coup.:.. aT % 
J" ■" Firrt NbL Ltd. 17 % 


Committee. 

7-dey depositi 11.50%. l-menth 
11.^%. Short term £8,000/12 
month 14.10%. 

t 7-day depotlB on surne ah— under 

£10,000 11^%. £10.000 up to 

£50.000 12^%. £SaOOO and eva^ 
12li%. 

i Call depoeitt £1,000 and over 

11H%- 

H -'21-^ dapeslte evat £1,000 13% 
‘J Demand .'depoelte 12%. 

9 Mortgage base rate. 


per t^e - I W'OOL FI 

Februaiy.- ^80J)0 -k 5/10^6/10.77 JO ^VVaj * ^ 

MBrelu.%,. :E71/» i-SJi^JS-KJia LONDON NEW 

April...-.:.. 1865.50 -i-fl.H&.sa'U.U , BRBU-^loee (in i 

May-.......; .864.75 -(.5/0^76-60,75 business). New Ze 

June., '865.50 -f.2,S0K^^,S AAencb 377 buyer. 

Jiriy 866;00 +3>6Bw86'gU6 Aug 399/ 401, 401. 

AugiMt — , 870.60 -|.0.6Dg^71.M 404^. 404, 

Sept......... .874.00 +8-JSS!5‘ffi 407, 408. 406-405: 6 

Oct-......!^). 876,00 .^ .OfllgTa /W; «2, 4Z7, 436- 

Tumoven 1i303 (1,827) lots of 100 436-435. SaJas: 85. 

' nnnee. - ' ^ ' SYDNEY GREASY 


- 'T-irtn 6.1O: Cyprue: 53/72 5.50r8.00. Umons pound, ' open 0.30-0.40, closed 0.50. 

Seles: IS (23ir*ts of 10O tonnes. —Cyprus: 3.00-4,50: Spanie: 40/50 0.60. . -Apples-Par pound. Biomley 

2.40-2.50: Italian: 80/1» 5.50: Jaffa: 0.184.28.- Coa’s 0.204.34, Spaiun's . 

__ . 46/50 2.50: U.S.: 115 B.00. . Gnpelruit 0.2OOJS. Russets 0.20.Q.2S. Purs— 

ll'l J'l'l JKFS — U.S.: Pink 32/48 5.50-6.00: Cyprus: Per pound- Confaience 0.14-0.2D, 
*v/*w*x*jy Lefgo-Bano''ns 3.00-4/0. 'sniaH oaftons' 'C6iT!tca'0.l6^.26.'’ Cabbapas Per 30^b 
. LOfRION NEW ZEALAtffi (»QSS- 2.30-3.20: Jafla: 36/68. 3.50-4.90. bag. Cetue/Jan King %00-3.00. 

BRB>S— Close (m orytor: buyer,, seller. Apples— French: New crep; Giriden UttuesP-Per round 1.2D-f.8(L- 

bHsiness). New Zeeland cenu per. kg. De»eleur'20-lb 3.00-4nor~ 4G46.'.6nO-'- OniOfir-Per 55-lb 40/80mm 2MHM.' 
Menh 377 buyer. May 385, 390, n«l: 7 87, Stark .Crunaen 40-lb 6.S0-7.5& CnrfOtl Tor Tfi/tn ID 1,00-1,80. Beet- 


850 J8 ;^65} 847.71' f 258,48 ' 
(BisK My X tSS2-190). 

MOODY'S 


pow . .Feb.1 Feb. iHontWyeac 
Jone w 10 ^ 9 I ttgo * . 

Spct-;i3b/78 1128.68 126.43438.35 
F Utr's!lS6.15!l36.97 1 33 ,83438.38 

(Beset Deoeabar 31, 1974*100^... 


REUTERS 


Feb. 6( Feb.'hTMonlliagqj'fear Feb. il jFeb. i^iirnUi agi!i}Year.oge 

10W.6 • 999J »18 j!T 6liS~iCT8 . F fTe wiT 

(DMSlBibsr n. ttliMSOI (Bate: Septambar 18 1931— iiooT' 


A4B<cb 377 buyer. May 385, 390, nil; 783, Stark Crunaen 4(Mb 6.50.7.5{l. -.Carrota— Per . 26/28-lb 1.00-1.80. Best- -oemajh . « #y*.tKa 

Aug 399, '4m, 401-399; Oct 4(0, 404. 20-lb 3.40-380, Granny Smith lO/Jfr ragta— Per 2B-lb. .round 1.00.1.20, long E*.00-£4.60. ,eodl|nga £3.20-£3.80 Larca 

404-403; Pte 404. 407. 406-404; Jen 10.80; Cenadisn: Red DeKcicue '9.SS ' 1.40S1.S0. "Swedes-^r net 0.90-1.20. *»“«> heddtaek C4 80.£5 40 rncdMim re nfT 

407, 408, 406-405: Meidi 415. 420. 416: H.(»: U.S.: Red Deltcwue 10.00-14.00;' Sprouts^er. faMb 2.00-4.00. Rhubarb *, f4„- .„oi ^ 

May 4B2, 437. 4Sfr425: Aug 432. 437,. Hungeriani .Snrking 7.008.00. Pearar?.. ^er ...pound, 14-lb. box. O.a-0.30,'. GRIMSBY FISH— Supply ' good. n th k m Bast smM 

486-435. Sabs: 85. Dutch: Cornice 14-tt, per pound 0.30; Leeks— Per 10-lb 1.00-1,60. PBisnips— demand good.' fticas at ship's side (laroe't ' fUW‘ 'r v-®?’** 

SYDNEY GREASY WOOL-^lose (in S. Airtcan: Clapp's 34-lb 6.CO-6.20; Per 26/2S-lb' 1.00-1.SO. Tumlpa-^r (iHiprocBSsed) par sione: Shell cod Sffi^'a.Q0^60 ^ - ill. 00. 


•i • 


•I 



32 


CompaoKS and Markets 


LONDON STOCK EXCHANGE 


Longer-dated ^vemment stocks surge £li higher and 

siiifhnritiAc caII slinrt tan. but eouities la& behind 


Aceonnt Dealing Dates 
Option 

‘First Declara- Last Account 
Dealings tions Dealing Day 
Jan 23 Feb 11 Feb 12 Feb 22 
Feb 15 Feb 25 Feb 26 Mar S 
Mar 1 Marll MarU Mar22 

* " New time " dealings miy nke 
place from 930 am two business dsira 
esilier. 

Encouraged by Ibe Federal 
Eeserve Board's willingness to 
tolerate slisbtly higher money 
supidy grovrtjh than orginally 
planned, domestic investors yes- 
terday set their sights on Goir- 
emment stocks. Investment sup> 
port was sufficient to enable the 
authorities to sell supplies of the 
short tap stock, £20>paid 
Exchequer 131 per cent 19S7 A, 
which made its debut on Wed- 
nesday. at 2o; and remain a 
seller at that level. 

This contained the short end 
of the market, but longer-dated 
issues surged forward in a ma^ 
ket unhindered by the presence 
of a tap stock and desperately 
short of supplies. Quotations 
here closed 1) points up and only 
elightly below the day's highest. 
Sterling’s continued stability 
and unchanged money market 
rates did little yest^av for mar- 
ket sentiment. The FT Govern- 
ment Semirities index rose 0.66 
more to 65.34 — its highest since 
July 3 last 

The equity sectors failed to 
benefit from the strength of Gilt- 
edged. Leading shares were a 
touch harder initially, but the 
enhanced levels proved difficult 
to hold. Buyers were reluctant 
to operate in the final stages of 
an extended trading Account, 


which ends today, and with, little 
'** new-time interest evident, 
slightly easier Wall Street ad- 
vices saw most leaders revert to 
around the overnight levels. 

Contrasting movements among 
constituents of the FT Indus- 
trial Ordinary share index were 
provided hy Imperial Group, 
which responded stionsly to pre- 
Uminar? profits at the best end 
of m^et . eicpectations and 
weakness in 6IW following re- 
ports that its North Carolina svt^ 
sidiaries were experlenciPS fall- 
ing orders. The index closed 1.7 
down at 572.0 after having shown 
rises, of up to 2.8. at the six 
earlier calculations. 

Lloyds Bank firm 

Uoyds Ba^ whl^ starts Qie 
' major clearins bank dividend 
season next Friday, found re- 
newed support and closed a few 
pence dearer at 465p. NatWest 
added a similar amount to 44Sp. 
after 450p. Elsewhere, Royal 
Bank of Scotland relinquished 5 
to 119p, and Grindlays, 210p, lost 
5 of the previous day’s gain of 
13 whi<^ followed news of the 
agreed sale of two of its sub- 
sidiaries. Dao Heng and Giind- 
lays Finance to the Hong Leong 
Group for approximately £lCKkn. 
Among Discount Houses, Smidi 
St Anhyn improved 2 afresh to 
4Pp with tile new nil-pidd shares 
up a penny more at 15p pre- 
mium. First National Finance 
Corporation reflected bid hopes 
wi-th a gain of a penny at Sfip. 

Insurances continued quietly 
firm but closed below the day's 
best. Renewed speculative sup- 



FINANCIAL TIMES STOCK INDICES 


j 

Fop. ; 

1 

Fab. J 
10 1 

” ! ' * ; 

Feb. , Fek 

9 1 8 .1 

Feb. 1 
• * ! 

— i 

Feb. } 
4 [ 

A 

year 

ago 

1 

Government Seee.....{ 

6S.34> 

64.68 

1 

64.39 64.6^ 

6S.itt 

64.95 

6B.07 

Fixed Interest.. 

65.34; 

65.15;' 

65.08! eS.i'F 

6S.2d 

64.971 

70.55 

Industrial Ord | 

578.0 

573.7. 

663.8' 570.7! 

S78.l1 

S74.8j 

490.0 


885.81 

888.8i 

887.0. 889.71 

894.8! 

8gg.6| 

307.0 

Ord. Div. Yield 1 

5.37, 

5.35 

5.44. 5.37- 

5.3 1 ' 

5.331 

7.33 

Earnings, Yld.fi (fulik 

g. 47 ! 

9.44; 

9.60 9.48; 

9.37 

g.57i 

16.36 

PiE Ratio (neUI*l ' 

13.83 

15.88 

13.65' 13.89; 

13 . 99 ! 

13.83; 

7.47 

Total bargains ' 

10 , 535 ; 17,514; 19,566 19,088 83.166 19,335 80,386 

Equity turnover £m.> 

- 1 138.00, 131.19 111.47, 139.00 153.67 128.09 

Equity bargains. 


15,145 16.487 IS.SSSi 15.08S 16,619 15,198 


Ba«i8 ICO Govt. Secs. 1S/10/26. Fixed Int 1928. Industrie! Qrd. 
1/7/35. GMd Mines 12/9/56. SE Activity 1974. 

10 em 576.5. 11 cm 575 0. ^aon 574.2. 1 om 5753. 

2 otn 576.1. a pm 576.2. 

Latest Index 01-M6 8006. 

•NH»1128. 


HIGHS AND LOWS 


S.E. ACTIVITY 


laaira 




inaeOempUafn' 


High I tow . High 1 Low 


F«b. 

10 


Feb. 

g 


GovL Sacs.. 


I 70.61 


-OBlIy 

UM «.18 


60.17 

<niMh 'M/mn /s/i/ts) 

Rxed int,.... 7831 61.61 ! 1S0.4 90.SS j Bargaineii. 

' aoniBl](»/l0il1l'rUf11l47) (i(U76) Value 

Ind. Ord 597.8 446.0 667.3 49.4 

lHi4i81) (l4n/ai)(H(4i6l| (t6l8l40j ; 

Gold Mines.. 439.0 868.6 ' 6S8.9 4S.9 EqutUes. ..!!!' 

I ne/fl|81) CM>6jai)(l2rtiNi (2GM0I71) Bargains...; 
< Value ' 


I 

199J. 1W.4 

98.1 106.8 
8663: 8663 


171.8! 177.0 

loajl 104.7 
8693' 8873 


port saw Eagle Star touch 356p 
before flailing a net penny 
dearer at 352p. 

Breweries attracted 
scattered support and, altbougb 
an easier trend was evident after 
the “ House ** close, most still re- 
tained usefnl rises. Bass finished, 
7 higber at 223p, after 224p, 
while Scottish and Newcastle 
rose 1} at 5Sp and Allied-Lyons 
added a couple of pence to 83p. 

Wth the notable exception of 
Cortain, wbi<± closed 6 higher 
at 37^ with the Deferred 8 up 
at 2S0p, leading Buildings 
usually surrendered early gains 
to close virtually unchanged on 
the day. Elsenhere, Tniinel B 
gained IS to S65p awaiting bid 
terms from Rio Tinto-Zinc. but 
Robert M. Douglas shed 7 to 76p 
on disappointment with the in- 
terim results. UB9I attracted 
fresh support and put on 3 to 
SSL aa did Howard Shntiering, 
a like amount to the good at 31p. 

ICI touched 350p before dos- 
ing unchanged on balance at 
34€p. 

Home Charm better 

standing a shade firmer at 
the outset, leading Stores failed 
to attract follow-thmuch support 
and finished with modest falls. 
In contrast Newsagents caine in 
for renewed demand and e1o«ed 
at the day's best. Martin The 
Newsagent firm of late after 
store purchases, rose 7 more to 
SOSn. while John Menzie< firmed 
a similar amount to 243p. NSS 
added 4 to 186p. as did W. H. 
Smith, mp. Home Charm rose 
5 to I35p following the e.xpeeted 
announcement of the aenuisition 
of J. H. Sankey*s D-T-Y retail 
chain for £14m. A. G. Stanley 
gained the turn to 64n. Adverse 
Press Comment on the disan- 
pointlng first-half statement 
clipped 4 more froni Heelamat 
96p. but Owen Owen resoonded 
to renewed speculative ninnort 
and rose fi to 2tSo. Mariln Ford 
held at 24p. the'eethack in fnlN 
year earnings being offset by rhe 
maintained dividend and the 
company’s asset potential. 

A bout of investment buying 
dead of the prelimlnaiy results 
due on March 24 heloed BlCC 
to rise 11 to 327p and feature an 


otherwise qnetiy dull Elcctrieri 
sector. GEC, 83Qp. lost 7 of ^ 
previous day's rise of 16 wbirii 
follovdng news of the £75m con- 
tract awarded to its Marcooi 
sidiary for the erection of a new 
radar system for the Seawoif 
naval misale. Thorn 
dieapened 5 at 460p and Raesd 
eased a few pence to 3T5p. after 
383p. Still reflecting hopes of a 
bid from Tyco Laboratories, 
which already owns a near-U 
per cent stake in the company, 
MuJrhead were supported up to 
136p before cloouog a net 2 
cheaper at 132p. 

Up to 184p initially, CRN 
weakened to 171p before settling 
at 174p, down 6 on balance, as 
the market took note of a Press 
report concerning adverse trad- 
ing conditions at Ihe group’s new 
car component factor? at Alam- 
ance, North Carolina. Elsewhere 
in leading Engineers, Ibbes 
drifted off to close 4 cheaper at 
132p. Among secondary, issues. 
F. H. Tomkins improved to 
20ip foUovnng the announce- 
ment that Mitchell Somers had 
increased its stake in Tmnklns to 
23 per cent. Mining .Supplies, on 
the other hand, fell 3 to 104p 
on the half-year loss, while the 
dlsappoiflfing interim statement 
left Kristy Bros 4 lower at 25p, 
ML Holdings, down 10 moi% it 
270p. remained depressed by the 
recent interim figures: 

Leading Foods claimed a foir 
amount of attention, but best 
levels were not .always held, 
Northern closing 4 dearer on 
balance at 168p, after 17^. J. 
Sainshury, however, retained a 
gain of IS at SSSp and Kwik Save 
one of 4 at 256p. Hontiey and 
Palmer, after Wednesday's late 
spurt of 4 on hopes of a rival 
bid for the company, softened 
a penny to I 08 p; current bidders 
Rowntree Mackiatash firmed 4 
to 15Sp. 

Thermal Syndicate up 

Hotels and Caterers featured 
Ladbroke which rose 9 to ISQp 
on renewed investment demand. 
Elsewhere. Norfolk Capital shed 
2 to 32p on disappointment with 
the preliminary results. 

Misceilaneous industrials pro- 


m 


WORLD VALUE OF THE DOLLAR 

Bank of Amerioi NT ft SA, Economics Department, London 


TTiB taM« bslow glvi« thi nw* of Bxditnga ter ihe U.S. deltar igalnst veriout 
currenciw is of Wednasdoy. February 10. 1S6Z. The exchange ratra (lewd 
ere middle rates between buying end eelling rates ee quoted betwen 
benke. unlees otherwise Indiceted. All euireneles ere quoted In feraign 
eurrancy unbe per one U.S. doHer q,xeept in certain specMad erees. All letee 


quotad ara indicative. They are not baaed on. end are net Intended to be 
used a* a baace Hrr. pardcolar transactions. 

Bank of America NT and SA dees not underteke to trade In all Rated 
foreign eurrendee. and neither Bank of America KT end SA nor the Finaneiaf 
Times easunie respooalbUlty tor errore. 


COUNTRY 


CURRENCY 


> VALUE OF 
DOLLAR 


Afghsnlatan. 

Albania. 

Aigarfe 

Andorra. 

Angola. 

Antigua 

Argentina...., 

AtwtraUa 

Auetrla 

Azores. 

Bahamas 

Bahrain.. 

Balearic la.... 
Bangladaah. 
Barbados.... 
Belgium ...... 

Belize 

Banin - 

Bermuda 

Bhutan 

Bolivia. 

Botswana...., 

Brazil 

Bninei 

Bulgaria. 

Burma.......... 

Burundi.. 

Camaroun Rp 

Canada 

Canary la. 

Capa Varda Is 

Cayman la..—........ 

Can. Af. Rap 

Chad 

Chlie 

China 

Colombia. 

Cemorea. 

CongoP’pla.Rep.of 

Costa Rica | 

Cuba - 

Cyprus 

CzechealevaMa.M. 

Danmark. 

Djibouti ftp. of — 

Dominica 

Domln. Rap......... 

Eeuador. 

Egypt...... I 

El Salvador.—... 
Eq'tl Guinea........ 

Ethiopia 

^roa la 

FMKiltnd U- 

Finland . — .».!"!*. 

Franca... 

Fr.O^inAf... 

Fr. Guiana........... 

Fr.Pae.law. ....... 

Gabon.... 

Gambia.— 

Germany (E) 
Germany (W). ...... 

Ghana .... 

Gibraltar 



Greenland 

Granada 


Afghani (O) 


Jif 

Dinar 

I Fr. Franc 

i Sp. Peaata 

Kwanza 

E. Caribbean 9 

Peso i6| . 

Dollar 

Schilling 

Port. Eaoude 

..... Dollar 

Dinar 

...... Sp. peseta 

Taka 

..... Dollar 
( Franc IC) 

— 1 Franc (R 

Dollar 

... . O.F.A. Prane 

Dollar 

..... Ind. Rupee 

Paae 

Pula 

Cruzeiro 

...u. Dollar 
Lav 

Ky»* 

..... Prane 

C.F.A. Franc 
Dollar 
8p. Peseta 
Eaoude 
Dollar 

C.FA Franc 
C.F3. Prane 
Paso(0) 
Rsnmlnbl Yuan 
Pose (01 
C.FJL Frane 
C.PJL Piano 
Colon <0) 

Colon 
Pate 
Pound* 

Koruna (O) 


60.08 

53684 

4.1875 

63065 

iOO.16 

30.814 

8.7085 

10050.00 

0.9197 

16.6026 

6936 

1.00 

03769 

200.26 

80.67 

2.D1 

89.365 

44.60 

8.00 

300.385 
1.00 
9.1074 

84.75 

0.9037 

13631 

8.1145 

0.935 

6.4515 

9030 

300385 

13146 

100.16 

3631 

0,835 

30038S 

300.325 

8930 

139 

6037 

300396 

300.386 
8,60 

3739 

03001 

93977 

635 


Krona 

7.768? 


178.60 

E. Caribbean 1 

8.7085 

Peso 

IJJO 


■84.75 


1.4493 

Pound* (8) 

1J8Z 


8A0 

Ekualo 

800.38 

BlrrlO) 

8JI416 

Dan. Krone 

7.7687 

Pound* 

1.849 

Eloilar 

0.8994 

MaricKa 

4.51 


6wOD66 

aFA. Franc 

300.386 


6.0065 

C.F.P. Prane 

102.758 

OPJL Prano 

soasss 


8.1633 

OstmatklO) 

8:3668 

Mark 

8.3668 

Codi 

8.75 

Pound” 

1.S40 ' 

Drachma 

60.65 

Dan. Krona 

7.7667 

E. Caribbean S 

8.7085 


COUNTRY 


CURRENCY 


VALUE OF 
DOLLAR 


Guadaleupa 

Guam 

Guatemala 

Guinea Bissau. 

Guinea Rop. 

Guyana...... 

HalD - 

Honduras Rap.., 

Heng Kong 

Hungary. 

Iceland..,. 

India. 

IndotMMfa 

Iran. 

Iraq....... 

Irish Rap — 

leraal 

ltdy..... 

Ivory Oeast...... 

Jamaica 

Japan 

Jordan. 

Kampuchea..... 
Kanya.........— . 

Kiribati 

Korea (Nth)— . 

Koroa (8th) 

Kuwait 


LaeP’ptaD.Rap.. 

Lebanon........ 

Laaotlw............ 

Liberia 

Libya. 1..... 

Liechtansfn........ 

Luxambeurg — .... 


, Prane 
. U.S. I 
.Quetzal 
. Paso 
. SyR 
. Dollar 

, Gourde 
. Lempira 
. OoHar 
. Forint 

. Krona 
, Rupee 
. Rupiah 
. Rial(O) 

. Dinar 
. Punt* 

. Shekel 
. Lira 

. C.FJL Franc 
. Dollar 
.Yen 
. Dinar 

.mat 
. ShHHng 
. AuaL Dollar 
. Wbn 
.Won 
, Dinar 

Kip 

Pound 

Loti 

Dollar 

Dinar 

Swi Prane 

Lux Prane 


Macao. Pataca 

Madagaaear D. R. . Franc 

Madeira ......... PorL Eseudo 

Malawi Kwacha 

Malaysia. Ringgit ■ 

Maidive le. Rupea 

Mali Rp .Franc 

Malta... Pound* 

Martinique.... Prane 

Mauritania.. Ouguiya 

Mauritius. :. Rupaa 

Maxleo Peso 

Miquelon Fr, Prane 

Monaco Fr. Frane 

Mongolia.... Tugrik (O) 

Montaarrat E. Carlbbaan 6 

Morocco Dirham 

Mozambique....... Metlea 

Namibia. S.A. Rand 

Nauru la. Auat, Dollar 

Nepal - Rupqo 

Netherlands.. Guilder 

Nath. Ant’las....... Guilder 

New Zealand. . Dollar 

Nicaragua. Cordoba 

Niger Rp............ C.F.A. Frane 

Nigeria.. Naira (0) 

Norway Krans 

Oman3uttanaia of Rial 

Pakistan Rupee 

Panama Balboa 

Papua N.G. Kina 

Paraguay. Guarani 

Peru Sol 

Phlllppinaa Paso 


6.0065 

1.00 

1.00 

38.8394 

82,79 

3.0179 

530 

2.00 

6.865 

34.4297 

9339 

9.1074 

648.00 

79.00 
03968 
1.4667 

1730 

1864.57 

300.386 

1.7641 

836.05 

03446 

n.a. 

10.5406 

03197 

0.94 

708.00 
03818 

10.00 
4315 
0.9857^ 
1.00 
03901 
1.8997 

39.365 

6.0967 
300325 
69.95 
0.9897 
2.3165 
' 3.93 
60035 
2,4919 
6306S 
49.30 
11.0330 
96.77 

6.0065 

6.0065 
B.3S55 
8.7085 
6.637? 

393647 

0.9867 
0.9197 
1330 
93975 
130 
13607 
10.00 
300.385 
. 0.6971 
6.962 

I 03458 

I 10345 

i> 130 

0.7076 
18630 
53434 
8376 


(6) Sernali: PareHal 


n.a. Not mrallabla. * U.S.. doll.rs per National Currency unlL m 
(1) Sudan-By decree on 9/11/81 dual exchange rate aboliahrt and feportara. Tourlela. 

13J Egypi—FloaUne rate fixed «*• » •»»«'» VI/82. 

(4) Argenbne— .Commercial and Financial rata eombliied vinaBa* Expo^ and Non Easanbal Imports and Tranefert. 

■Hal axchanga ratee introduced 1st July— for aaeentiel imperta. (7} SomaHi. wpoew 



vided 8 few firm featares. 
generally among secondary 
issues. Thermal Syndicate stood 
out with a jump of 10 to 97p 
in response to the bettei^than- 
experted preliminary result^ 
while British Aerospace gamed 
4 to lS5p on the announcement 
that the Government is about 
to avrard the company the long- 
awaited Sea Eagle contract worth 
about £20Oro. Speculative buying 
on revived bid hopes helped 
Howard Tencas to '2 

65p, while Bath and Porttand 
added S to 80 p on buying sm^d 
of figures due next Wed- 

nesday. Dalgety, with intern 
results scheduled for next Tues- 
day, put on 5 to 833p, 
Wolseley-Boghes advanced 10 to 
MSp on renewed investment 
mand in a thin market. Smms 
Indostries rallied 8 to 345p. 
Secnrlcor ordinary and rose 
7 apiece to 230p and 225p ^ 
speetlvely after comment on the 
results. Gripperrods fell 10 to 
12£)p on further consideration of 
disappoloting interim results and 
Christie-Tyier eased the tnm to 
oa the increased, interim 
deficit. The leaders trended 
quietly firm vrith BOC closing 
a further 3 dearer at 175p after 
' comment on the favourable first- 
barter figures. 

After Wednesday's jnmp of 1$ 
on the snrprise acquisition of 
Laker Air livvel for £500,000, 
Sa^ Holidays reacted on profit- 
takini and closed 9 dowp at 170p.- 
Greenalt Whitley, buyers of 
Laker's Arrowsmilh Holiday 
Group for £4m. sbed 3 to 113p. 
Elsewhere in the Leisure sector, 
Nlmslo attracted new time 
interest ahead of die official U.5. 
dealing date and firmed 8 to 
17Sp. Trident TV “A," np.16 
on Wednesday on the Gaming 
Board's decision to withdraw its 
objections to tixe renewal, of 
three casino licences, reacted 4 
to 88p. 

A TOlatile market recently fol- 
lowing uncertainty !n the aero- 
space industi?, Dowty announced 
interim earnings below market 
expectations and reacted S to 
116p. Lneas. beld at 213p. 

Firm at first reflecting the 
strength of gilt-^ed. Properties 
were unable to bold best levels 
and closed with moderate gains. 
Land Securities fini^og 4 
dearer at 30Ip, after 303p. and 
HEPC 2 up at 222p, after 224p. 
Great Portland Estates imd 
Haslemere Estates added 4 
apiece to l8Dp and 394p respec- 
tively. while Percy BUton put 
on 6 to 186p. Hountieigh 
improved 2 to S8p in response 
to the increased interim profits, 
whUe I^opei^ Holding and 
Investment gained 10 to 164p. 

Oils steady 

Leading Oils rarely strayed far 
from overnight closing levels. 
British Petroleum fiuctuating- 
narrowly before settling without 
alteration at 296p and Shell 
finishing 4 cheaper at 370p. 

Preliminary profits from 
Lonrbo comfortably exceeded 
market estimates and the close 
was ^ higber at 89p, after 93p. 

Trusts staged a fairly broad 
advance. London and Holyrood 
improving 6 to 172p and rises 
of 4 being marked against Aber> 



i 

VALUE OF 

OOUHTPY 

1 CURRENCY 

DOLLAR 

Pitcairn Is. 

..!n.Z. DoHp’ 

1.8607 



69.85 



Puerto Rfeo~ 

..!u.«.3 

3.00 

Qatar 

. Rival 

3.6SS7 

Reunion He de Is 

.. Fr. Franc 

6.0065 

Romania 

.. Leu ID) 

4.47 

Rwanda. 

.. Frane 

98.64 

St. Chriftepher.. 

.. E. Garibboan S 

S.7085 



1.849 

St. Lucia 

.. E. Caribboan S 

8.7085 

St. vineent 

.. E. Caribbean S 

8.7036 

Samoa (Woetem) 

-Tala 

o.8rai 


.. U.B. S 

1.00 

Sen Marine.. 

See Tome 5 

.. It Ura 1 

1864.57 

Principe DR. 

.. Dobra 

39.9487 

Saudi Arabia 

.. Rival 

3.4095 

Sancao/.. 

. C.F.4L Franc 

300.385 

SoyMiellas 

.. Rupeo 

7.3459 






8.1146 

1 Solomon le. Dollar 

0.9038 

Somali Rep.~_... 

- smiling (61 

6.36 


Shilling |7) 

18 A6 

South Atrlea 

.. Hand 

0.8857 



100.16 

Span. Porte in N. 

1 Sp. Faeeta 

100.16 



Sudan Rep 

... Puiind* (1) 

i.im 



Swaziland ......... 

Lilangeni 

0i8857 

Sweden ... 

- Krone 

5.7646 






Tanzania............ 

- Shilling 

8.874? 

Thailand 

.. Baht 

83J1Q 

Togo ftop. 

.. O.FJ. Frane 

300.385 

1 Tonga le. Pa’anga 

1 Trinidad ftTOtme Dollar 

0.6197 
8.4063 
1 0.5393 

Tunisia - 

.. Dinar 

Turkey 

Ura 

1 136.03 

TurksRCaleoaw. 

... U.S. S 

1.00 

Tuvalu— 

.. AuM. Dollar 

0.9197 

Uganda 

.. Shilling 

78.00 

utd.A’b. Emir... 

... Dirham 

3.673 

Utd. Kingdom..... 


1 1A46 

' 300.326 

Upper vbtta ...... 

... C.F.A. Franc 

Uruguay 

... Paso 

11.769 

(/.8.&R.— 

ftoublo 

0.7737 

Vanuatu 

..Vatu 

97/)748 


Aust Dollar 

0.B197 

Vatloan 

,-Uni 

1 1864.37 

Vanczuela. 

... Bolivar 

1 4.393? 

8.18 



virgin Is. Br.. 

-.U.S.S 

' 1.00 


... UA. S 

! ijoo 

4J7 

0.3415 


.. Rial 

Yemen POR... 

— Dinar 

Yugetlavia.. 

Dinar 

44.8603 


...Zaira 

5.6045 

0.9041 

Zambia^ 

... Kwacha 

Zimbabwe. 

... Dollar 

0.7873 


MEW HIGHS AND 
LOWS FOR 1981/2 

Tlw lellewlne euvtatiom In Ui« Share 
Ihlomutton Semite restw^r ettalned trew 
HlBhc «r>d Lews lor tSSI-BZ. 

NEW HIGHS (92) 

BRITISH FUNDS 

Trera. «4pe faM.S>:pe B2^ 

Exek. S'iOC DrelL isuec ’S7 

f*eh. evK -es 

Trees. Moe M |xch ISoc 1W7 . 
Extl.'IOoc *43 Tr»es. 12pc V? . 

WMMDNWEALTH AND AFRICAN 
LOANS (11 

**'**"^ aecKs »1. 

AmcH-LrerM 

BUIUING5 (SI 

CesUin OW. NennrShIH 

TuniHrt 8 _ 

CHEMICAU CSI 

Hickson a Welch Stewart PlaetlCF 

STORES TO _ 

LinciBff Klleenr Martin The N'aennt 

Wilkinson Wa-hurton 

ELSCTRICAIS lEI 

Eicc Eirrotbtrm Int. 

ENCfNEERIND tSI 
Awoc. British Mitchell Somers 

Eobre Tomkins IF. H.) 

HowBen Crouo 

FOODS 141 

Hinton (A.) Low (Wm.) 

KwlkSas* SsirwOurvU.t 

■ INDUSTRIALS (1Z» 
aoc Phillips Fateira 

Os. epc qtrr. Riley >E. J.} 

Saih B PertianO Securlcer 

aittfiUeil'FsrmoelaK SlUlaw inOs. 

EM^ TrhTalear House 

Heirae Woltcley.HugheB 

INSURANCE 111 

EaqleSUr 

LEISURE (» 

LWr A Intasun 

NEWSPAPERS tZI 

Feerten Loneman Assoc. Book Pub, 

PAPERS m 

Sunti Pulo 

PROPERTY Cn 

MarfchNth 54.5 fc PI0 

BHIPPIND Ell 
Ertt. and Crrm'wcalth 

TEXTILES TO 

Corah Mem. Man. 

HlghaiRS 

TOBACCOS t»} 

Impertsl BAT InOs. 

TRUSTS 1321 


Glasgow siichoiders. 
GuarOion Inv. Trust 
Hill iPh'llpi 
InwruaMonal Inr 
Lon. a HelvroeU 
Lun. A Montrose 
Lon. 4 Prov. 
Raeboro 

Rlrer 5 Mercantile 
Scot. Eastern Inv. 
Sphere Inv. 

SierMng Tnnt 
U.S. Deb. Cpn. 

U4. a Ben. Tff, 
rooman Inv. 

S E. MI.PC Ann. 


AberUeen Trust 
AttIhrnO Csv 
Anelo Am. Seo. 

At^acENer. 

Caletfoma Irm. 

CaniB' A Nat. 

Do. S 
CcOar invs. 

Continental Utrion 
Drayton Cons. 

Bo. Premier 
Ovn^eea Lontfen 
Elnetra Inv. Trust 
ina. A N.y.Trest 
Gen, 4 Cpnnn. 

Gen. Cons. 

OIL AND GAS (Z) 

Centvpr oac 

OVERSEAS TRADERS CH 
EerirforO IS. ano w.i 

NEW LOWS (30) 

CANASiAies m 
flovsi Bk. of re"ase 

rNDugiwrAU cs) 

3 H. Frap. Swire PacMC 

Csntm A ShnrwooU 

LEISURE (1> 

Zetten 

MOTORS m 

Dorrty 

PROPERTY (1> 

Swirn Front. 

OIL AND CAS TO 

Owfieil weeks >1. (Aint.) 

TrI BKin wnttort Pet. 

RUBBERS (1> 

Harrlsena Mly. 

MINES (8l 

W1L Nigel Qakbridae 

Go|4 htinti of 0 )lmlH 

Kalgoortle Pancontlncntel 

Metnmer Tara Explpratle* 

NIsMere 

RISES AND FALLS 
YESTERDAY 



Rises 

Fella Same 

British Funds ...... 

a 

0 

5 

Corpm. Dorn, and 
Foreign Bonds ... 

s 

2 

44 

ihduetriils 

301 

16S 

8H 

FlneiMlel end Prop. 

20S 

45 

262 

Oils 

17 

29 

64 

Plantstions 

8 

b 

17 



58 

91 

Others 

63 

S 

62 

Tetils 

724 

331 

1,426 


131P, ana 

Textiles ended with uml 
sains in pl»ces. NottSnpim 
Manufacturing, annual 
due shortly, picked up 5 at 25^, 
while revived, takeover specula- 
tion left Highams 7 dearer at 

Standirtf a shade easier 
immediate^ in front of me 
announcement Irapenal ramed 
sharplv following the bette>than- 
expected peeliminary profi]te and 
maintained dividend and touifiied 
85ip before settling for a net 
gain of 4^ at 84Ip. Other 
Tobaccos finned in sympathy; 
Rothmans added If to 91ip, 
while Bala rose to 43^ before 
reverting to the overnight 428p. 

Qoiet mines 

In a ' quiet mining market, 
Sonth African Golds were 
initially marked down and there- 
after drifted lower* on lack ^ 
interest resecting the $1 decline 
in the bullion price to S3S0.5 an 
ounce. 

Heavyweights i^stered losses 
ranging to 1, as in HartebeesL 
£24i, while falls at | were com-, 
mou to. Sontbvaal, £15|, and 
President Bran<L £I7i. 

Medium- and lower-priced 
issues showed ERGO 14 off at 
297p and Blyvoor a like amount 
easier at 486p. Witwatemand 
NIgeU which recently announced 
the eixrtailment of mining opera- 
tions, gave up 4 to a low 

of 40ip. 

Financials were mixed in sub- 
dued trading. In the London- 
domiciled stocks* Rio Tinto-Zine 
closed a net 3 dieaper at 444p, 
after 449p, but Charter managed 
a gain of 2- to 345p. . 

.South Africans were high- 
lighted by renewed stiength in 
UC Investments, up 5 more at 
595p. still reflecting the recent 
dividend increase. 

Wednesday's 'rally in. Austro 
lians proved short-lived as 
further selling reflected fears of 
a prolonged period of weak metal 
prices. 

Ihe recent poor profits per- 
formances by Miat Holdings, 
Bongalnviile and Western Min- 
ing were an additional depres- 
sing factor. 

Western Mining,. . 317p, 
relinquished 5 of the previous 
day's recover of-. 7. adiite 
Bou^inville dipped 3 to 65p and 
PaneoDtinental 2 to a 1981-fQ low 
of 120 p. 

Geld Mines of Kalgoorlle 
dropped 5 to a 1981-82 low of 
275p on ftirl^er consideration of 
the lower half-year profits and 
the interim dividend omission. 

Among the speculative issues, 
new lows for lSSl-82 were com- 
mon to Hetxamar and Nlckelere, 
down li apiece at 13p and 24|p 
respectively. 

^ewhere, Fengkalrn Tin met 
renewed profit-taking and fell h) 
more to 320p— a drop of 13IH> 
since last week^ news ’ that 
Straits Trading had sold its 2G 
per cent stake in the company 
to Aman Nominees of Malaysia. 

Imperial attracted -record 
activity In Traded options fol- 
lowing the pleasing preluninarv 
statement and contributed 3;S10 
dMisf to a total of 3,557 — the 
highest since the introduction of 
put trading on May 28 last- 


■jliianciHl “Tunes i?Tway f 

RECENT issues! 


-J^- A00«.. 


EQUITIES 




Isein 
prica ’Ss!£ 


1981/8 


High; Low 


1-gtMdc 


Is'O 


til 




% 




f30 ^.P.09/2 
100 iP3.|19/3 
|100 lF.Pi| -r 
t iF.W 
80 >F.P.>13/1 
— . [f.P;j — • 
5Bte.P.P.|86/2 


:FJ»,: 4flilM 

ipo — n 90 


S9JelAaeet Spelat iOn,...:.j 2»ig; .. 
Off .|ariiiMaifferdV^Tsb|.96 .-H-} 
56. .-'DO;..-' WaFfBDta.,;^ 37- 
jsia 3iEidiidge-Pop53l:.:B40 
Slf ' SEqoipu. lOp.;..-...;'... 89' 

7 P8C Enter. WRirantA- ' '7 

98ii)Fladgel(ng 88^: 

[166: I«Haytera ki— 

BUS. fiya.40p^ 90 
62 lAMalavNan Tin En .... 58 


.C“] 





FIXED 


•Oji. 


Issue 

price Lew 

■ [ii 






. .1 ■ ' ■ 

iZOO |£86 

n •IfJ'. 

V19Ift(£10 
.*100 33. 
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CORPORATE CURRENCY RISK is an authoritative manual on foreign 
exchange management 

Written specifically for the corporate treasurer and finance manager this 
report will help you in seven ways. 

understand how the foreign exchange market works. 

^ avoid unnecessary foreign exchange risk. 

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Order your copy of CORPORATE CURRENCY RISK now. 


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36 


VenM^ 


The first name in unit 
ventilation Jook for the 
rnamg on the product. 


FINANCIAL TIMES 


BELL'S 


SCOTCH WHISKY 


Friday February 12 1982 


BELL'S 


NUR LEADER URGES MINERS NOT TO INTERVENE 

Inquiry unlikely to end rail dispute 


BY PHILIP BASSETT AMD JOHN LLOYD 

PROSPECTS of the rarl inquiry 
proviriin:; an arccpiable solu> 
tion to Ihe'British Rail pay and 
producliviiy dispute seemed 
slini yesterday as the committee 
chaired by Lord IdeCafthy 
finished talcing evidence and 
began deliberations oq its 
findings. 

Leaders of the Associated 
Society of Locomotive 
Engineers and Firemen seem 
unlikely to relax their series 
of strikes unless the inquiry 
vomes out unequivocally in the 
union's favour both over the 
pa>Tnetit of a disputed 3 per 
cent and the crucial produc- 
tivity isbuo of flexible rostering. 

BR was careful not to com- 
mit itself to accepting the oui- 
come of the inquiry.' Mr Cliff 
Rose. board member for 
industrial relations, said the 
hoard would "look construc- 
tively" at whatever recom- 
mendations Lord McCarthy 
made. However BR is 
unlikely to accept the inquiry's 
non-bRiding outcome if it 
comes down heavily in Aslefs 
favour. 

No onnouncement of the in- 


quiry's findings is likely before 
early next week, although fhe 
BR board's decision in postpone 
its meeting due today ufitil 
Tuesday afremon may give 
some indication of the likel.v 
time of publication. 

Many in tbe industr>' accept 
that the inquiry will find the 
board in the wrong for with- 
holding the 3 per cent from 
.Aslef. as the board ha.s already 
admitted is was in breech of 
agreement in doing so. The 
question is over the inquiry's 
attitude flexible rostering. 

Prospects of the mineworkers. 
the most powerful industrial 
group, aiding .\.slef have effec- 
tively been squashed by a letter 
to (he National Union of 
Mineworkers from Mr WoighaTl. 
general secretarv’ of the 
National Union of Railwaymen. 
asking the NUM executive to 
“refrain from making any dec- 
larations about the dispute in 
any way, .shape or form." 

Mr Weiglieli's letter was dis- 
cussed by the .VUM executive 
yesterday with a letter from 
Mr Ray Buckton. general secre- 
tary of Aslef. calling for “any 


further positive action your 
union ran give." 

Mr .loe r,ormley. NTJM presi- 
dent. has called fm* a meeting 
of the three rail unions — includ- 
ing the white collar rail union 
TSSA — for ne.xi Monday. The 
main purpose will be to ensure 
that the rani dispute does ikk 
affect the coal indasirv'- 

Mr Gormley sa'id the execu- 
tive had agreed lo reaffirm iis 
prcviou.< support for .\slef. but 
"we are nor ' going to .Mop our 
own pits if we can avoid it." 

Mr .\nhur Scargill. the NUM's 
prc.sjdent-elect. look a different 
line. He said m most areas 
unions had in.siituted a. "com- 
plete blacking operation." He 
reminded mineworkers that 
Aslef supported them in 1972 
and 1974. 

Mr Cormley gave an example 
of a ''.sensible arrangemenr" 
holween the union and the Coal 
Board at the South Wales pit 
of Betwys to move coal to a 
nearby siockyard by lorry m 
relieve pressure <in pit .storage 
space. 

The board said yesterday 
3.2m tonnes of delivenes had 


Way cleared 
for state 


been held up by the strike {md 
2in tonne'i by the weather, 
representing a delayed cash 
flow' of £2n0m.. The Central 
Electricity CeneraUng Board 
said it had stocks of 12.7m 
tonnes of coal, which was aver- 
age for the period. 

The Coal Board said stocki^ 
was ‘'getting a bit. tight” in 
some area.s, but it was a long 
way from crisis. There was no 
need for layoffs or temporary 
pit closure.s. 

Mr Weighell's letter was a 
fonhright call to the NUM 
executive to leave the rail strike 
alone. Mr Weighell reminded 
the executive that both unions _ 
are members of the Triple | 
.Mliance grouping of mil. coal I 
anti steel unions — .\slef is not I 
a member — and said there are 
some areas of difference | 
between the unions. 

Mr Buckton's letter is less I 
pointed. Much of it is an | 
explanation and justitication of j- 
Asief's position. 

Feature. Page Ifi 
BR explains flexible 
rostering. Page 9 


takeover 
in France 


Bjr David White in Paris 


Law Lords support union in blacking case 


BY RAYMOND HUGHES. LAW COURTS CORRESPONDENT 


The in.iunction ordered the 
union to stop its members at 
Thames Television blacking a 
£500.000 musical series about 
pop produced by Hadmor 

a facilitv' company, which makes 
programmes for television 
stations. 

Thames tran.<^milted part of 
the series but v^'lthd^ew it be- 


THERE WERE strong grounds 
for the belief that the blacking 
of a television series by the 
televi.sion technicians union was 
legitimate industrial action, the 
House of Lords decided yester- 
day. . 

The judgment is ihe rirst 
major test case of the secondary 

blacking provisions m the 1980 — .... 

Employmeni Act. It could limit fo7e th*rbla"c“king 
the e.vtent to which fhe legisla- 
tion was thought tn have 
'widened anti-biacking l.'iws. 

Five Law Lords unanimuusly 
allowed an appeal by two 
officials of ihe .\ssociaiion of 
Cinematograph. Television and 
AJlieri Technicians asainsi u 
temporary injunction granted hy 
Ihe Court of Appeal to Hadmor 
Production'. 


The Appeal Court ruled the 
union's action illegal, holding 
that there was no trade dispute 
between Hadmor and ACTT. 
and granted an injunction pend- 
ing full trial of Hadmor's court 
action. 

Lord Diplock said yesterday it 
appeared to be " a classic in- 
itancc of n trade dispute arising 


out of fears for job security in 
a period of high unemployment." 

WTien the case came for trial 
it was likely the two officials 
would establish that they were 
covered by the immunities from 
legal action given by section 13 
of' Ihe J974 Trade Union .md 
Labour Relations .-Vcl. 

Lord Diplock had no doubt 
that they had been acting in 
conlemplalion or turlhcrance 
of a trade dispute. 

He said that ,\CTT members 
at Thame-s fcaa*d redundancies 
if the company used material 
produced by outside companies, 
rather than making programmes 
in iheir own umlcr-us"tl smriios. 

There was iincouiradicted 
evidence of an agreement 


between Thames and the union 
about prior consultation before 
Thames would use programmes 
from facility companies. ACTT 
claimed that Thames had 
broken that agreement in rela- 
lion to the Hadmor series. 


However misguided the union 
had been in threatening to 
black the series, its purpose 
liar] not been lo injure Hadmor. 
however inevitable such injury 
might be. said Lord Diplock. 

Hadmor Productions said ' 
later that, although its fl.om j 
damages claim against ACTT | 
was still in existence, the com- 1 
p.^nv would have to consider the i 
Law Lords’ ruling Fully before I 
deciding whether or not so pur- ! 
sue the claim. I 


W 


urge 


Abolition of all metropolitan 
counties to be studied 


BY ROBIN PAULEY 


By Bridget Bloom, Defence 
Comspondeni: 


MR .lOHN NOTT. the Defence 
Secrei&ry. '.vill recommend to 
rhe Cabinet that the new larger 
and more expensive Trident D5 
missile should be Britain's nexl 


A PAPER detailing how all 
the meiropolitan counnea m 
England could be abolished 
before the next general elechon 
IS being prepared for die 
Cabinet as a matler of pnoriri'. 
The ununtic.< are Greater Man- 


garded hy the Government as over all the functions for their 
beinx responsible for ilm areas. 

inujorltv of the nvcrshoniing of The principal function nf the 
expenditure largeis. Tlircc of meiropoliinn counties h trans* 
them levied supolemeninry port, which could noi he 


! Chester. Merse.vside. South York- 
.^enerauun ruclear deterrent. , Wear. West 

Mr Nott said yesterday thai i Midlands and West Yorkshire, 
he hoped the '.ioverninent would * .y,. j* 

decid? "O'' soon .is possible" to | T 

buy Ihe D$ missile, which, with ; 

new .submarines, iit designed to i 

Pniarie ' abolishiDg the Greater 
; London Council, the Govem- 


replace Ihe ageing 

s}Wm in IWif. .rn,< nroiT 

The i.iovernmont s initial : r-ould not be contemplated, how- 
aareement in replace Polari.s , pver. until after the election 
with Tndert. announced in -Itily ) hec.iu.se of the comple.v praclical 
1980. was badly shaken by i involved. 

President Rc-igan's decision Iasi 


October in phase nut the C4 
Trident iniisile. Britain was to | 
order it in prpforence tn the ; 
larser D-5. which is still 'oeing | 
developed. I 

Mr Nott admitted that the ' 
new missile, expected lo have a i 
range of 6.000 mile.s and ai ieasi . 
10 warheads per missile, would j 
be more expensive than the C4. [ 
and that it would need a larger ^ 
and constderaMy more expen- j 
she submarine. i 

The advantages of clioo«- ■ 
ing a weapon which would he in | 
production in the U.S. for as i 
long a.s Britain was likely to 
need it were overwhelming. 

Britain's recent experience 
with Polaris had shown the 
difficulties in going for a 
“unique” weapon. The Polaris 
produefion line was having to 
be reopened at considerable 
cost to re-moior tlie Polaris 
missiles, while Chevaline. a 
device to modernise the "front 


Ministers fepl ihere may he 
substaniial poliiical capiial in 
be earned from removing the 
meiropoluan couniies. 

They are all Labour- 
I'onira'lled. Together wiih the 
GLC and Inner London Educ-i- 
non .Auihoriiv. thev are re- 


rules during 1981-S2. 

The six metropohian coun- 
ties had loial hudset.s for Ihe 
cnrrvil year nf fl.33bn com- 
pared with the t.invernnieni'a 
as$e«sminr that they would 
need £786m to provide a stan- 
dard-level of services. Although 
government assessments are 
senerally seen a« unrealistic, 
grant eniitJeniem.s are reduced 
once these h»nihmarks have 
I'een passed. Thu.s heavy metro- 
poliian county .spending has 
'■onirihiiied much to rising rate 
bill-: in their areas. 

Ministerji also feel that it 
would be di.ffieult for the nppn. 
.sition 10 campnien siron-Jiy 
against fhe ending of ihe 


organised on a district by dis- 
iricl basis alihuugh the districts 
could co-operaie on an area ' 
passenger transport authority if , 
necessarv'. Other metropolitan | 
county functions which could be I 
reorganised on a similar basis I —notably tbe compensation 
include the tire service and , 
police. j 

Many members of the metro - 1 
poliian counlii>s feel that the 1 
way In which the counties were | 
structured in ihe i974 re - 1 
iir.ganlsalion of local govern- ' 
ment makes it hard fo just/f.v i 
(heir coniinuanco since they are 
long on administration, short on | 
service.® and eleciorally remote. 

The issue has been before I 
the Cabinet on at least two pre- ' 


terms — yesferda.v accepted 
the ebannes as hrineing the 
text into line with the 
constitQtion. 


Weather 


metropolitan counties. Many uf mous oi.-L-asions. .-Mihough there • 
Ihe Labour-contrnHed meiropo. h<i« been '-vide-'pread acreemenf ' 
litan di-'tricts .'uppon ^uch a in principle, no litneiable for) 
move and are anxious to lake ahnlition has been fi.ved. i 


Imperial shows Improyement 


BY RICHARD LAMBERT. FINANCIAL EDITOR 


' IMPERIAL GROIT. ihe leading 
I tohac'.-o. brewing .ind food 
j maniifa<'riir:^r di>closed hetier 
j Th.m ^■xpeefed n^sults yesferday 
for I9S0-SI. and outlined a 
j wide-ranging reo.'!«essment nf 
) its business activmeh. 

! Profits in the vear to nutoher 
i tell hy £20 9m to £i0fim pre- 
la;:. This marked a sharp 
.1 improvement from the llr.<i .six 
end" of the missile, while now j months, when profits Wi-ere £4im 
apparently sui.’cessful. cost £Ihn j lower. The dividend for ihe 
at 1980 prices, jhree limes more | year i.s unchanged at 7.25p a 

I share. 

\ Mr I'leoffrey Kcni. who look 
j over as chairman last -inly afier 
! Ihe sudden departure of Mr 
i Malrolm .^nson. said that 
I nrnone could pretend ihai rhe 
' )aie.st figiire.s were siiisfaclory. 

1 .AU pan.-s of the group were 
being exammeri with regard to 
Iheir poiential for rhe future. 


than planned. 


Continued from Page 

Laker 


Sir Freddie and Mr Rowland 
met Mr Iain Sprnat. Parliament- ^ 
ary Under-Secretar.v for Trade. ' 
on IVcdnesday evening • to 


and no option® closed. 

The poultr}' buxines' in 
particul.ir had made ®ub.®fanlial 
losses last .vear "So deci«icn 
has been made lo sell »be.-;e 
hiismes.se.® to a particular 
buyer." Mr Kent .said. 

.Another pos.-ihiliiy v.'hicli had 
In bi? considered w:s clo-ure of 
cigiireMe making cap.iCM>-. Mr 
Kent thougnr ii e.virefiiel." 
unlikely that modern fdt.-iones 
like those -ii Bristol or 
.Noitinsham v%‘ould close. 

impenaf claim® about half 
the UK cigarette markei. wnili 
brands includin;: .lohn Player 
and Emha.«s;.'. It own® C.f»urai;p. 
Ihe brewing concern; Buxicri 
Poultry Golden Wonder; ;md 
the Howard .Inhnson restaurant 
chain in the U.S. 

The group ha- ilread;.- 
implemented siil-1-.i.int'.vl 

rln«ure? m the UK. Provi.sicn; 


for extraordinary losses last 
.ve?r totalled £3S.Sm. and the 
UK workforce, which was 
sp.pno in I9SP. ha.® been cut bv 
e.finn. 

Explaining Imperial's boner 
Dcrformance in the sorniid half- 
Mr Kent .waiii iha; ihe tobacco 
.-iiie benefited from better 
prt'.-cs and a reiurn lo mure 
itormal levels of promotional 
spending. 

The UK pouliry .-.uJe had 
I'CL'ii.n In move into profit hy 
Ihe .\cw Vear and some of ilu; 
'•:h®T food aciiviiies had done 
very well. 

'"'verall the rir.®f qiianer of 
.Miowcd .1 significant im- 
provement over :hp very 
depressed level.® in' la.ii year. 

The Fh.ircs closed -itp higher. 

ut .■54ip. 

Pelail.s Page 20 


UK TODAY 
SUNNY iniervaLs. some mist nr 
fug. rain spreading from 
north and west. 

London. East. E. Midlands and 
Central England 
Becoming cloudv. some rain. 
Max. lie (52F). 

Wales. \V. England, S.W*. Scot- 
land 

Outbreaks of roin. Some 
gales. Max. IIC (52F). 

Rc®t of England and Scotland. 
Northern Ireland 
.Some rain.sales. mild. Max. 
9C i48F). 

Outlook: Unsettled, night frost. 


WORLDWIDE 


Y d»v . 
»C 'F 


VriajF 
midda/ 
•C 'F 


1 AmcC-O 

C 

13 

5S 

' L Anq t 

F 

-2 

23 

' Al'tiqrs 

C 

16 

61 

Luvmbq. 

6 

8 

46 

' A/rsbm. 

s 

n 

52 

luror 

S 

7 

45 

' Alliens 

c 

6 

43 

Madrid 

c 

10 

60 

1 Bahrain 

s 

17 

63 

Maiqrca 

c 

15 

55 

Bartiiia 

c 

13 

5S 

Malaga 

c 

15 

59 

' Beirut 



— 

Malta 

F 

14 

S7 

; Bo'iast 

s 

6 

43 

M'chsir 

R 

7 

43 

Balard 

5 

3 

37 

Melbna. 


_ 


■ B-ihn 

s 

8 

46. Mr. C t 






BisrriU 

F 

IS 

S9 

Miamil 






Bmehm 

C 

7 

45' 

'Milun 

S7 

2 

36 

' Bla^Kol. 

C 

6 

Aj 

Monirl t 

c- 

-14 

7 

1 Bnrrli 

F 

•12 

54' 

Moeeow 5n 

-3 

27 

Boulqn. 

c 

11 

52 

MiinieK 

F 

10 

50 

' B'iSIOl 

R 

7 

4S' Nairobi 




1 S'l/iteis 


II 

52' 

Naples 

S 

T? 

54 

' Bi'dosi. 

S 


37 

Nassau 





1 C.i»o 

r 

1H 

64 

Nwesri 

c 

7 

43 

: Card.R 

R 

6 

•U 

N York} 





; b ca 

C 

18 

64 

Nice 

3 

14 

57 


describe their plans for the new j Continued from Page 1 
oiiiinc. Mr Rowland “sid la.®t | ® • 

Attack on U.S. budget 


night: ’’ 1 think the Government 
wUI he extremely helpful on 
the licences. Mr Sproat was 
very helpful when we met." 

It .is understood the route 
licences were originally issued 
tn Laker .Airways International 
Limited, the -lerspy-regi-^iered 
holding company which is not 
in receivership. The route 
licence.®, are still held by the 


; Continued from Page 1 

S. Africa 


In question time exchanges 
in the Commons. Sir GeofNgy 
look a similar line. He said 
European nation.® had made 
their concern plan lo. the. U.S. 
authorities. He promised to con- 
sider the possibiliiy of making 


compan.v and could be more i represeniaiions on the issue to 
easilv transferred to anv new I Congressional leader.®. 


airline than originallv thought 
likely. 

•Sir I''reddic and Mr Rowland 
will still need lo convince ihc 
nuihority of tlic cxient nf the 
financial arrangemenis behind 
<hc new airline and It.® ahiluy 
to meet strinsent airworthiness 
and safety rc^ulai-ions. 


! Herr Poehi's commem.® 
! rollowed the meeting of ceniral 
. bank governors from ihe main 
: industrial countries in Basle 
I earlier ihis week, 
j He .inci nilier Furnpean 
: central bankers left frnm the 
I meetinp deeply pe3®imistic 
1 about the effect of the latest 


.American budget announce- 
ments on inlcrn:itionai iniercst 
rates. 

The focus of Herr Pnohl's 
criticism i-i not the Federal 
Reserve Board, bur rhe policies 
of the Reagan .Adminisrraiion 
fiitself. 'Tin the tinanre mark**is 
it is apparently feared iha' the 
enormtuii increasi.- in arm> 
.spending. ihe siinuHaneous 
MX lUl.', unti a rvitiill 
d Inidcei deficii of alarming 
proporiion® can lead i'* a 
situation in ih“ U.S in v.hich 
etffter interest .-n-'e- remain 
cxirsmely h»2h or infiauon will , 

accelerate" he said. I 


Cioe r. 

ChiCT t 

Colirnnq 

Cpnhgn. 

Cotlij 

ba-ivsrt 

Dublin 

Cbrwnk. 

6d"bgh. 


— — Nicn®)i 
F— 1$ 3 Odoiio 


12 

0 33 


oO per cent of the republic's 
o;^por^^. 

Mr llonvnod ®aid • ihe 
deterioranon in ihe i^alance of 
poymenrs appeaivd lo he -,lnw- 
ing. Imports had declined 

:"'ne uf i'mi' advantage.® of the 
'jovarnmcni'® .siraicgy is tb.il 
huh s!i'.' mia.'urv.> .innounred 
ye®ierday will iinni: in revenue 
iinmedMiely. 

The. -.til} vej?cr;<ir an 
cMrn RfiUMin i £.1.lUni i. and .Mr 
Ho'-vi-iiiri ye<rerd'i^ e-iiiuaied 
inai Ihe iwo mcaiiirc- *-»'oiild 
bring addniiinal revenue of 
;dmo:t Fl'Jhii in Lbe next 
financial year. 


' Flortnco 
ErsnkiT S 

. FunC'tal C 
: 0«ne«» r 
' Gibraltar C 
I QlaS'30W S 
j G msey R 
' HelSinVi R 
H. Kong 
Innsbrl S 
' tnvrfim S 
; I o Mdn 
Istanbul F 
.' J&isev C 
i Jo'liuiti 
I L PTms. S 
. Luhon C 
' Los^ino 5 
Lpndno C 
C Oiou-l/ 


II 

S3 

3 

-1 

13 


52 


1 34 

10 SO 


SO'Oslo 

5 41, Pars S 
1* 37 Penn £ 

— — Pra.]u« S 
7 4S RdVl-lVb C 

II S^.Rhbdrs C 

7 45 R.s J n1 

16 61 Some 

— — -iSdllb'q. S 

8 46 S r'TiSct F 
IS 64,6, Marilz 

8 46'5inqapc. 

13 59 S'Ciagof 

r, 43;5'ckhtn C 
a 48 Siraebg-. $ 

0 33 S\rdney 
” — ,Tan<jier C 

9 46 Tel Aviv C 
B 46 Teneule 5 21 

— _'ToVvn — 

3 37 T ronlol F— IS 
9 48 Tiinie F 17 

— — Valencia C 1 
30 68'Venice • S 9 
13 54. Vienna C 0 

7 4S'W«r;aw F 1 
10 SO.Zunr.-i Fg 5 
F— Fan. Fg— Fflq. R— Rain. 

3— Sunny Sn^Sngw. 

t Nbon GMT ounoaqonoa. 


15 

16 


^ ‘ - I -• \ ' V ’ 


THE LEX COLUMN 


Imperial rolls up 


A LARGE slice of France's 
inda&trial and banking sectors 
wili be taken under state con- 
trol at the weekend following 
the Constitatlonal Council's 
rejection yeseterday of a 
second Opposition appeal 
against the Governinent’s 

Nationalisation Bill. 

Five large industrial groups. 
18 private sector banks and 
two holding companies with 
far-flnng banking and indus- 
trial in(ere®ts are immediately 
nationalised under the Act. 

.\ further 21 banks whose 
shares are not quoted on the 
stock market are due to be 
taken over, on July 1 after 
special compensation terms 
have been worked out. 

The last domestic obstacle 
has now been removed. But 
fhe laM' may sdll be cbal- 
lonsed in foreign courts. 

The Government, intends to 
name new chairmen for the 
nationalised companies at Its 
Cabinet meeting next Wed- 
nesday. 

Thenresent boards will he 
dissolved as son as the law 
i® siened hy President 
Mitterrand and published in 
the Official Journal. 

,A revised version of the 
laM'. which brines a large part 
of the. country's cbemicalR, 
metals, glass and electrwics 
industries into the nubile sec- 
tor and greativ extends the 
stale's control of 'hanking, 
was nassed hv the SociaH«t- 
linpiinatAd Nstionpi Assemhiv 
at its third reading a week 
ago. 

The nine-man Constitu- 
tional Council, which has 
snwenie nowees as guardian 
of Fmnp*’*s 19SR Constitution, 
consented lo the Act after 
once sending it back to the 
Government for revision. 

With a separate law cover- 
ing the l«'o largest French 
steel companies. Usinor and 
Sacilor. the Act introduces 
the first nationalisations in 
France since the immediate 
posf-u'ar period. 

The cumulative cost 
of compensation, inclnding 
Interest, is put by the Govern- 
ment at FFr 47hn and 
FFr 49hn (£4.2bn^4.4hn). 
This figure, which will he re- 
duced b.v sworai hfllion 
francs hecanse of cross-share- 
holdings between the com- 
panies involved. Is FFr 7hn- 
FFr 9hn more than it would 
have been under the original 
compensation terras pro- 
posed hy the Govenuoent. 

Tbe ConstitnHonal Council, 
M'blch provoked a storm in 
the Government benches 
when It lamed down parts of 
the first version of the Act 


its skeves 


Imperial Group’s share price* 
has been signaUing a much 
needed change of direction since 
last summer and jvsterday’.s 
preUminary figures fulfilled best 
hopes. Far from being cut. riie 
dividend is actually covered by 
current cost earnings according 
to Imperial's reckoning, and the 
downturn in profits has been 
sharply reversed in tbe latter 
part of the year. The balance- 
sheet looks sound, and the first 
quarter of 1982 has seen a 
marked improvement on last 
year’s very poor outcome. 

These numbers need to be 
treated with care. After ail, 
there has been another £38.8m 
of (unspecified) extraordinary 
losses in 1980-81, following a 
similar levei of'provisions is the 
previous year. And pre-tax 
profits include around £4m 
from pub disposals, rather 
more than in 1979-80. But.tbere 
is no denying that pre-tax 
profits of £ 106 m are far higher 
than could have been expected 
last -July, when Imperial 
reported a half-yearly total of 
just £29.7m. and the previous 
chairman resigned.- 
The key to the second half 
improvement is a sharp 
recovery' in tobacco profits after 
a -period of intense price com- 
petition.- volume declines, and 
unprecedented promotion 
spending. . In - addition, the 
Ho wrd Johnson business has 
gained from seasonal swings, 
and the UK poultry side has 
moved out of the red. 

However Imperial still has a 
lot to do. The UK cigarette busi- 
ness remains in lon^ term 
decline: shorter term. Imperial 
thinks that competitive pres- 
sures might now be boiling up 
again, and the Budget poses an 
obvious threat There are still 
big problems in the poultry 
business, which lost over £10m 
last year of which perhans £Sm 
arose in rhe UJS. And although 
Imperial has made a . gallant 
attempt tn dress up the Howard' 
John.son figures, a trading nro- 
fit of around £36m flncluding 
Investment income) is a very 
poor return on a deal which 
cost £2S0m. 

A major reassessment nf the 
group's activities is now under 
way. Bfeanwhtle the shares still 
yield nearly 13 per cent. 


IndeKfell 1.7 to 572:0 


110 


100 



1979 ’80 '81 '821 


• volume as a little better, and - 
the railway marshalling busine.®s 
is. also TT iFking a contribution. . 

' However the electronics dWision 
h^ slipped because of the ciri- ' 
back in defence orders for 
sonar buoys. 

So, in spite of a fairly fiat 
demand picture all round, t.hc - 
emnp^ should recoup the first- 
half sDonfall m the currenl 
months -and produjce a pre-tr ; 

. outcome in ^e region of ir ; ^ 
year’s 136.2m. After the sh;.-:.'' 
drop last year, the shares, down 
Sp yest^ay at 116p. are stand- 
ing on X p/c of about 13. full:-- ; - 
taxed. 


Lonrho 


p/e in Uie- offer for sale quite 
as high as 20: at an offer price 
of 142p the p/e is 19. or lit 
on an actual tax basis. The 
yield, for those who care about 
such things in this fa'nc>‘ sec- 
tor, is.3| per cent <m a dividend 
tvrice covered . by fuUy-taxed 
earnings. T3tis has ail.the mak- 
ing of a livelyissue next 'week. 
Meanwhile new employees .of 
Amersham will experience one 
of the joys of privatisation: a 
non-infiation-praofed - pension- 
scheme. 


Dowty 


Amersham Inti. 


Despite the obvious high-tech- 
nology glamour of Aznersbam 
International, the Govem^nt's 
advisers have not quite dared to 
pitch the prospective fully-taxed 


One of Dowry’s most pressing 
problems in recent ye'ars has 
been a shortage of manufactur- 
ing capacity to meet booming 
aerospase demand. But that 
particular difficulty is now 
histoiy, with a' lower contribu- 
tion from this business partly 
responsible for tbe 18 per cent 
drop in pre-tax profits to £I3.Tm 
in the half year to Septembtf. 

The aerospace performance 
has been hit by strikes, but 
there has also been a slight 
decline in underling volume, 
with Tornado sets, for instance, 
going through at a slower rate. 
On the civil side meanwbiie, 
lower demand for new planes 
and. since usage Is . down, 'for 
spares, has kept trading 
margins below last year’s 
levels. 

By contrast, after last .year's 
ratdonalisaiinns, a measure of 
recovery is showing through in 
the group's mining and Indus- • 
trial divisions. Mining equip- 
ment profits have doubled to 
£4.7m from the level of the pre- 
ceding sLx months, helped by 
strong exports to . North 
America. On the industrial side • 


Lonrbo’s- figures for fhe year 
to last Sc^ember, rather over- 
shadowed yesterday by the 
group's excursion into airline 
finance, show a solid perform- 
ance at the pre-tax level, where 
there is a marginal advance 
from £ll9.1m to £120.fim <n 
what must have been a dillh'utt 
year. Associates again coiui;- 
butc a quarter of the total, and 
after a per cent lax char;:c 
and a jarge deduction for 
minorities :--'-isome relaiins 
Princess Properties, now wholly- 
owned). attributable profit- 
have bllen by IS per cent 
£3S.Im 'liiis is just eoaugb <o 
tover net. enraordlnary eo®rs 
and: ^y. .the' dividend. 

tihis -ye^r di^l metal pr'ces^ 
may hit Ldhrho even more than 
in 1980-81, and there is a 
per cent rise in loan capita! to 
service. Agmnst that the Had 
fields losses— -£5m above ihc 
line and £2Ljm below — should 
he eliminated, and there is good 
recovery elsewhere. 

In the last three year® Ijon- 
rho has pn^uced retention.® of 
less than'£20m on sales of mote 
than £6hn. But net worth has 
bounced by nearly half over 
.the same period to 
^anks to a rights issue -ind 
lots of write-up. There will Iv* 
an extra £47m boost to staled 
cqoity from Princess, whsch ir, 
worth its own weight In noTu 
five goodwiit . . ; 

The company's character- 
style is di^Iayed to advan 
in the dividend decloraj 
lAnrho paid IPp for 197| 
including a 'Ip “jtpbcial,'' a; 

DOW proposing 9p for lOi 
wtih an extra penny on ar^ 
for this year. It is aluift. 
thou^ a dividend cut had iK-un 
disguised ag'- a prospective in- 
crease: tt is left to the market 
to decide whether the yieJd a? 
89p, up 3p yesterday, is il*.7 
per cent or an even more elo- 
quent 17.4 per cent. 


■Jfi'C.- 






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Full text of "Financial Times , 1982, UK, English"

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